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NZD/USD now seen within 0.7160-0.7320 – UOB

FXStreet reports that UOB Group’s FX Strategists said that NZD/USD is expected to trade in a consolidative theme between 0.7160 and 0.7320 in the next weeks.

Next 1-3 weeks: “We highlighted yesterday that ‘downward pressure has more or less dissipated’ and we expected NZD to ‘trade between 0.7160 and 0.7320 for a period of time’. The rapid manner by which NZD approaches the bottom of the range came as a surprise (overnight low of 0.7167). While there is no change in our view for now, a daily closing below 0.7160 would indicate that NZD could move lower to 0.7130, possibly as low as 0.7080. At this stage, the prospect for such a scenario is not high.”

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