NZD/USD: back in a 0.6760 and 0.6970 range – UOB

By FXStreet Analysts at UOB Group explained that NZD held below the late March high of 0.6965/70 (high of 0.6952).

Key Quotes:

“The upward pressure appears to have eased with the pull-back from the high and the current weakness could extend lower to test the 0.6820 support. Resistance is at 0.6930.”

“Back into range trading, likely between 0.6760 and 0.6970.”

“Only a clear move above the 0.6965/70 resistance would indicate the start of a bullish phase.”

“The surprising rapid drop from the high of 0.6952 took out the strong 0.6870 support and from here, NZD has likely moved back into a consolidation range, likely between 0.6760 and 0.6960.”
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Source:: FX Street