NZD/USD: Likely to trade in a 0.5590/0.5705 range for now – UOB Group

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Current price movements appear to be part of a range trading phase, expected to be between 0.5615 and 0.5665. In the longer run, 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: “NZD swung between 0.5612 and 0.5685 two days ago. Yesterday, we indicated that ‘the price action lacks clarity, and further choppy trading is not ruled out, probably in a range of 0.5605/0.5665.’ However, NZD rose to 0.5693 before pulling sharply to close at 0.5635 (- 0.15%). The current price movements appear to be part of a range trading phase, expected to be between 0.5615 and 0.5665.”


1-3 WEEKS VIEW: “We continue to hold the same view as yesterday (07 Jan, spot at 0.8640). As indicated, NZD has probably entered a consolidation phase, and it is likely to trade in a 0.5590/0.5705 range for now.”

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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