NZD/USD Expects a Consolidation Phase – UOB
In opinion of analysts at UOB Group, the Kiwi dollar may trade in a sideline pattern in the next 1-3 weeks.
“The unexpected break above the 0.6830 resistance (high of 0.6843) suggests that the recent downward pressure has eased. The current movement is likely the early stages of a consolidation phase”.
“The breach of the 0.6830 stop-loss indicates that the bearish phase in NZD has ended (target at 0.6670 not met)”.
“The outlook has shifted to neutral and this pair is expected to trade within a broad 0.6690/0.6900 range for the next 1 to 2 weeks”.