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2 Mar 2016
NZD/USD neutral bias persists – UOB
According to strategists at UOB Group, the outlook for NZD/USD remains neutral for the next 1-3 weeks.
Key Quotes
“While the range of 0.6572/0.6640 was close to our expected 0.6575/0.6655, the strong daily closing suggests further upside pressure from here. However, any further up-move is expected to encounter very strong resistance near 0.6685/90”.
“There is no change to current neutral view despite the strong recovery yesterday. The undertone for NZD is still negative but at this stage, any further weakness is likely limited to 0.6500”.
“On the upside, only a move back above 0.6745 would indicate that the downward pressure has eased”.
Key Quotes
“While the range of 0.6572/0.6640 was close to our expected 0.6575/0.6655, the strong daily closing suggests further upside pressure from here. However, any further up-move is expected to encounter very strong resistance near 0.6685/90”.
“There is no change to current neutral view despite the strong recovery yesterday. The undertone for NZD is still negative but at this stage, any further weakness is likely limited to 0.6500”.
“On the upside, only a move back above 0.6745 would indicate that the downward pressure has eased”.