NZD/USD still eyes 0.7325 – UOB

NZD/USD keeps its bullish stance and looks to the chance to visit 0.7325, according to the research team at UOB Group.

Key Quotes

“NZD rebounded without testing the major support indicated at 0.7120 yesterday. Indicators are mixed which suggests that the current movement is a consolidation phase”.

“The consolidation over the past few days coupled with the still overbought conditions suggests an increasing risk of a short-term top. The ideal target of 0.7325 (July’s high) is likely out of reach for now and those who are long should consider booking at least partial profit on any approach to 0.7290. Stop-loss remains unchanged at 0.7120”.