In opinion of the research team at UOB Group, the pair’s stance is now neutral for the next 1-3 weeks.
“The move above the key 0.6750 resistance late last week was clearly a false break as we witnessed a sharp reversal from a high of 0.6775”.
“The expectation for further NZD strength was clearly wrong and from here, the outlook is viewed as neutral”.
“However, short-term downward momentum is improving but at this stage, any further weakness is likely limited to 0.6500”.
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