NZD/USD eyes on 0.7530 near term – UOB

According to FX Strategists at UOB Group, the prospects on the Kiwi Dollar remains bullish, with a potential test of 0.7530 still on the cards.

Key Quotes

“Against our expectation, NZD eased off quickly and the major 0.7485 resistance was unchallenged (high of 0.7455). While upward momentum has eased, it is too early to expect a sustained pull-back. NZD is more likely to consolidate its strong gains from late last week and trade sideways for now, expected to be between 0.7415 and 0.7460”.

“We just shifted to a bullish stance yesterday and there is no change to the view. However, NZD has likely moved into a short-term consolidation phase which could last for a couple of days. As long as 0.7375 is intact, we continue to anticipate another push higher towards 0.7530 (strong resistance can be expected at the 2016 high of 0.7485). Those looking to buy may like to wait for a dip to 0.7415”.