NZD/USD: Likely to trade in a 0.5640/0.5675 range – UOB Group
New Zealand Dollar (NZD) is likely to trade in a 0.5640/0.5675 range. In the long run, for the time being, NZD is likely to trade in a range between 0.5595 and 0.5720., UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
NZD is likely to trade in a range
24-HOUR VIEW: "Yesterday, we noted that 'downward momentum has increased somewhat.' We were of the view that NZD 'is likely to drift lower towards 0.5625.' We were also of the view that 'a clear break below this level seems unlikely.' NZD subsequently dipped to 0.5629, recovering to close at 0.5655 (+0.21%). The slight increase in upward momentum is not enough to suggest a sustained advance. Today, NZD is more likely to trade in a 0.5640/0.5675 range."
1-3 WEEKS VIEW: "Not much has changed since our update yesterday (11 Feb, spot at 0.5640). As highlighted, for the time being, NZD is likely to trade in a range between 0.5595 and 0.5720."
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