8 Mar 2016
NZD/USD outlook turned to bullish – UOB
The research team at UOB Group has shifted their perspective for the Kiwi dollar to bullish in the near term.
Key Quotes
“The recent strong upward momentum fizzled out quickly as NZD traded mostly sideways yesterday. The current movement is likely part of a consolidation phase (before moving higher at a later stage) and sideway trading is expected for today, likely between 0.6745 and 0.6825”.
“We just turned bullish NZD yesterday and there is no change to the view. As mentioned, the target at 0.6895 is within the formidable resistance zone of 0.6880/0.6900. Stop-loss is at 0.6685”.
Key Quotes
“The recent strong upward momentum fizzled out quickly as NZD traded mostly sideways yesterday. The current movement is likely part of a consolidation phase (before moving higher at a later stage) and sideway trading is expected for today, likely between 0.6745 and 0.6825”.
“We just turned bullish NZD yesterday and there is no change to the view. As mentioned, the target at 0.6895 is within the formidable resistance zone of 0.6880/0.6900. Stop-loss is at 0.6685”.