NZD/USD sticks to the neutral stance – UOB

FX Strategists at UOB Group noted the probability of NZD/USD testing 0.7010 in the near term has diminished.

Key Quotes

“We indicated yesterday that “while it is too early to adopt a bullish stance, the current strong rebound appears to have room to extend to 0.6965”.

“This level was exceeded earlier this morning as NZD got a boost from a better than expected unemployment data”.

While upward momentum has improved, the odds for further extension to the key resistance at 0.7010 are not high. That said, the current positive undertone for NZD is viewed as intact until 0.6880 is taken out”.