NZD/USD bearish below 0.7080 – UOB

The research team at UOB Group argued the outlook on NZD/USD could turn to bearish on a close below 0.7080.

Key Quotes

“We shifted to a neutral stance last Friday and expected the pull-back in NZD to extend lower to 0.7080”.

“The weak CPI data early this morning sent NZD tumbling to a low of 0.7068”.

“Downward momentum is picking up rapidly and a closing below 0.7080 by end of today would shift the outlook to bearish (for an immediate target of 0.6975)”.

“Overall, this pair is expected to remain under pressure in the next several days unless it move and stay above 0.7155”.