NZD/USD: Expected to trade between 0.5675 and 0.5725 – UOB Group
New Zealand Dollar (NZD) is expected to trade between 0.5675 and 0.5725 vs US Dollar (USD). In the longer run, current price movements are likely part of a range trading phase between 0.5640 and 0.5765, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Current price movements are likely part of a range trading phase
24-HOUR VIEW: "When NZD was at 0.5730 yesterday, we indicated that, 'provided that 0.5700 holds, NZD could rise and test 0.5760.' Our assessment was incorrect as NZD dropped to a low of 0.5683. The price movements did not result in a significant increase in downward momentum. Our view today is for NZD to trade between 0.5675 and 0.5725."
1-3 WEEKS VIEW: "We highlighted on Tuesday (10 Mar, spot at 0.5695) that the recent price action did not result 'in any increase in momentum,' and a break of 0.5660 (‘strong support’ level) would mean that the recovery is not reaching 0.5775.' NZD traded in a range over the past couple of days. While our strong support level has not been breached yet, upward momentum has faded. The current price movements are likely part of a range trading phase, most likely between 0.5640 and 0.5765."
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