NZD/USD clings to the bullish bias – UOB

According to FX Strategists at UOB Group, the pair’s outlook remain bullish in the near term.

Key Quotes

“The partial profit taking level suggested at 0.7075/70 was exceeded as NZD briefly hit a high of 0.7089 yesterday (which interestingly is just one pip below the revised target of 0.7090)”.

“Waning upward momentum coupled with glaring ‘bearish divergence’ continues to suggest a low odds of extension beyond 0.7090 (next resistance at 0.7130)”.

“That said, the bullish phase that started last Tuesday, 23 May (spot at 0.7000) is deemed as intact until the stop-loss at 0.7000 is taken out (level remains unchanged from yesterday)”.