NZD/USD risks further downside – UOB

The research team at UOB Group believes the Kiwi dollar faces further pullbacks in the next weeks.

Key Quotes

“The sharp drop from the overnight high of 0.6774 is gaining momentum and the risk is clearly on the downside from here. A break below 0.6690 could lead to further decline to 0.6660”.

“While the outlook for NZD is still deemed as neutral for now, downward pressure is increasing and a clear break below would indicate the start of a sustained down-move to 0.6670. Overall, this pair is expected to remain under pressure in the next few days unless it can reclaim 0.6775/80”.