NZD/USD Bullish, Could Visit 0.7190 – UOB
Analysts at UOB Group believe the Kiwi dollar could edge higher towards the 0.7190 area in the next weeks.
Key Quotes
“We turned bullish on Monday with an immediate target of 0.7000. In the aftermath of RBNZ’s statement earlier this morning, NZD soared to high of 0.7139 as of the time of writing”.
“While from a longer-term perspective, further up-move towards 0.7190 would not be surprising, short-term indicators are at extreme levels”.
“Those who are long from Monday should look to take partial profit at current level. Overall, the outlook for NZD is deemed as bullish until the current stop-loss is taken out (adjusted higher to 0.7030 from 0.6860)”.
