NZD/USD keeps the neutral stance intact – UOB

The research team at UOB Group noted NZD/USD’s perspective remains on the neutral side in the short term.

Key Quotes

“NZD had a choppy session by initially rallying to high of 0.7304 before dropping to a low of 0.7237. The rapid pullback from the high has resulted in a negative undertone but at this stage, any decline is not expected to move significantly below 0.7210”.

“The choppy swings over the last few days reinforce our current neutral view on NZD. Indicators are generally mixed and from here, we continue to expect choppy trading within a broad 0.7200/0.7375 range. Looking further ahead, the current consolidation is more likely to be resolved to the downside”.