Likely to trade in a 0.5590/0.5705 range – UOB Group

New Zealand Dollar (NZD) is likely to trade in a 0.5590/0.5705 range for now, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.

NZD has probably entered a consolidation phase

24-HOUR VIEW: “Yesterday, NZD swung between 0.5612 and 0.5685, closing at 0.5644 (+0.56%). The price action lacks clarity, and further choppy trading is not ruled out, probably in a range of 0.5605/0.5665.”

1-3 WEEKS VIEW: “The recent weakness appears to have stabilized, as NZD rebounded strongly yesterday. NZD has probably entered a consolidation phase, and it is likely to trade in a 0.5590/0.5705 range for now.”