NZD/USD: Expected to continue to trade in a range – UOB Group
New Zealand Dollar (NZD) is expected to continue to trade in a range, likely between 0.5710 and 0.5755. In the longer run, NZD is likely to edge lower toward the major support zone of 0.5650/0.5670, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Chance for NZD to edge lower toward the 0.5650/0.5670 area
24-HOUR VIEW: "While we expected 'further range trading' yesterday, we indicated that 'the softened underlying tone suggests NZD is likely to trade in a lower range of 0.5700/0.5750.' NZD then traded between 0.5715 and 0.5755, closing at 0.5739 (+0.17%). The price action provides no fresh clues, and we continue to expect NZD to trade in a range, likely between 0.5710 and 0.5755."
1-3 WEEKS VIEW: "We continue to hold the same view as Wednesday (26 Mar, spot at 0.5730). As highlighted, NZD 'is likely to edge lower toward the major support zone between 0.5650 and 0.5670.' While the likelihood of NZD breaking this support zone is not high, the downward bias will remain intact provided that NZD remains below 0.5770 (no change in ‘strong resistance’ level)."
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