NZD/USD: Likely to trade in a range of 0.5715/0.5755 – UOB Group
New Zealand Dollar (NZD) is likely to trade in a range of 0.5715/0.5755. In the longer run, current price movements are likely part of a 0.5680/0.5780 range, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
Current price movements are likely part of a range
24-HOUR VIEW: "The following are the excerpts from our update yesterday: 'Downward momentum has increased slightly. Today, NZD is likely to edge lower, but given the mild momentum, any decline is unlikely to break clearly below 0.5715.' However, NZD declined more than expected to 0.5707. Despite the decline, there has been no further increase in downward momentum. Instead, upward momentum has increased slightly, indicating that NZD is likely to trade in a higher range of 0.5715/0.5755 today."
1-3 WEEKS VIEW: "We indicated yesterday (25 Feb), when NZD was at 0.5735, that 'a breach of 0.5715 (no change in ‘strong support’ level) would indicate that 0.5790 is out of reach.' NZD then fell to a low of 0.5707. From here, we view the current price movements as part of a 0.5680/0.5780 range."
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