NZD/USD back to neutral outlook – UOB

NZD/USD is back to the neutral outlook and risks a test of the 0.7080 area, according to analysts at UOB Group.

Key Quotes

“The bullish phase ended abruptly as NZD plunged below the 0.7200 stop-loss”.

“The recent wild swings have resulted in a mixed outlook and we are neutral now”.

“However, the near term risk appears to be on the downside, and the current pull-back could extend lower to 0.7080”.

“At this stage, a sustained move below this level is not expected. Overall, this pair is expected to remain under pressure in the coming days unless it can move above 0.7230”.