New Zealand Dollar (NZD) is likely to trade in a range vs US Dollar (USD), probably between 0.5930 and 0.5980. In the longer run, for the time being, NZD is expected to trade in a 0.5890/0.6005 range, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
NZD is expected to trade in a 0.5890/0.6005 range
24-HOUR VIEW: “The advance in NZD yesterday failed to break the resistance at 0.6000, as it pulled back from 0.5996. The pullback amid slowing momentum and overbought conditions indicates that NZD is likely to trade in a range today, probably between 0.5930 and 0.5980.”
1-3 WEEKS VIEW: “The current price movements in NZD appear to be part of a consolidation phase. For the time being, we expect NZD to trade in a 0.5890/0.6005 range. Looking ahead, provided that NZD does not break clearly below 0.5890, there is a chance for it to retest last month’s high, near 0.6030.”
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