NZD/USD sticks to the consolidation theme near term – UOB

NZD/USD is seen keeping the consolidative mood unchanged within 0.6155/0.6280 in the short-term horizon, comment Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.

Key Quotes

24-hour view: “We expected NZD to trade sideways between 0.6195 and 0.6240 yesterday. However, NZD dropped to a low of 0.6174. Downward momentum has improved slightly and NZD is likely to edge lower. That said, any decline is unlikely to break the major support at 0.6155. On the upside, a breach of 0.6225 (minor resistance is at 0.6210) would indicate that the current mild downward pressure has eased.”

Next 1-3 weeks: “We continue to hold the same view as yesterday (06 Mar, spot at 0.6215) where NZD is likely to consolidate within a range of 0.6155/0.6280.”