NZD/USD support appears at 0.7110 – UOB

According to the research team at UOB Group, the decline in NZD/USD could see support emerging around the 0.7110 area.

Key Quotes

“NZD traded sideways as expected albeit at a narrower range than anticipated. The consolidation phase appears intact and further range trading is expected, albeit at a lower range of 0.7130/0.7170”.

“The 0.7110 target that was first highlighted on Wednesday appears to be within reach. As mentioned previously, this is a strong support and at this stage, a clear break below this level seems unlikely. That said, only a move back above 0.7205 (adjusted from 0.7260) would indicate that a shortterm low is in place”.