NZD/USD looking to carve a base – UOB

In view of FX Strategists at UOB Group, the downside momentum in NZD/USD seems mitigated for the time being.

Key Quotes

“While NZD continues to decline, the pace has slowed and there are some early and tentative signs that this pair is trying to find a base”.

“However, only a move back above 0.6950 would indicate that a short-term low is in place. In the meantime, another push lower towards last December’s low near 0.6860/65 is not ruled out just yet even though the odds for such a move are not high”.