NZD/USD downside pressure eased above 0.7415 – UOB

The research team at UOB Group noted that a retest of 0.7415 could mitigate the prevailing downside pressure in NZD/USD.

Key Quotes

“The strong overnight rebound appears to have room to extend further but any up-move is expected to encounter stiff resistance at 0.7380/85”.

“The unexpected sharp pull-back from the high of 0.7485 last week appears incomplete. Further down-move seems likely but at this stage, any decline is not expected to move significantly below 0.7250”.

“Resistance is at 0.7380 but only a move above 0.7415 would indicate that the current downward pressure has eased”.