NZD/USD still bullish, but gains appear limited – UOB

In opinion of the research team at UOB Group, NZD/USD’s outlook remains on the bullish side, although further upside seems limited in the near term.

Key Quotes

“The rapid reversal after making a high of 0.7351 yesterday certainly does not bode well for NZD (especially with the weak daily closing)”.

“A break of 0.7170 would indicate that NZD has staged another ‘fake-out’ and would shift bullish outlook to neutral again”.

“In order to maintain the current bullish momentum, NZD has to move above 0.7280 within these 1 to 2 days. At this stage, the odds for such a move are not high”.