NZD/USD could re-visit 0.7050 — UOB

The strategists of forex of UOB Group, remain with a neutral perspective, with regard to the Kiwi, suggesting that the pair NZD/USD could bounce back to 0.7050 in the short term.

Statements key:

«Like the AUD/USD, the underlying tone to this pair is positive, but any upward movement is unlikely to have enough momentum to move clearly above the lead resistance of 0.7050. On the side bearish, it is expected that 0.6980 is strong enough to hold any pullback intra-day».

«0.7010 of last week, is seen as a minimum in the short term and the rebound from the minimum seems to be incomplete. We expected that the bounce will extend to 0.7050, but the bullish momentum is more robust than expected and a move above this level would not be surprising (next resistance is at the peak of mid-march in 0.7090). The support is in 0.6980, but only a break below 0.6950 would indicate that the upward pressure has eased».

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