FXStreet reports that UOB Group’s FX Strategists note that further consolidation looks the most likely scenario in NZD/USD for the time being.

24-hour view: “We expected NZD to ‘trade sideways between 0.7080 and 0.7135’ yesterday. NZD subsequently traded within a narrower range than expected (0.7076/0.7115) before closing little changed at 0.7102 (+0.02%). The underlying tone has weakened somewhat and this could lead to NZD edging lower but any weakness is expected to encounter strong support at 0.7065.”

Next 1-3 weeks: “As highlighted, the recent NZD strength has run its course and NZD is likely consolidate and trade between 0.7040 and 0.7160. Looking ahead, a clear break of 0.7040 would indicate that the start of a deeper pullback in NZD.”