New Zealand Dollar (NZD) appears to have entered a sideways-trading phase between 0.5640 and 0.5680. In the longer run, no change in view; NZD is likely to trade in a range between 0.5605 and 0.5695, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
NZD is likely to trade in a range
24-HOUR VIEW: “While we expected NZD to ‘edge lower to 0.5635’ yesterday, we indicated that ‘the major support at 0.5605 is not expected to come under threat’. NZD then dipped to a low of 0.5638 before recovering to close largely unchanged at 0.5657 (+0.07%). NZD appears to have entered a sideways-trading phase. Today, we expect NZD to trade between 0.5640 and 0.5680.”
1-3 WEEKS VIEW: “We have expected NZD to ‘trade in a range between 0.5605 and 0.5695’ since early last week. We continue to hold the same view for now.”