NZD/USD: Likely to trade in a range between 0.5650 and 0.5690 – UOB Group

New Zealand Dollar (NZD) is likely to trade in a range between 0.5650 and 0.5690. In the longer run, no change in view; NZD is likely to trade in a range between 0.5605 and 0.5695, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

NZD is likely to trade in a range

24-HOUR VIEW: “Last Friday, we expected NZD to ‘range-trade between 0.5630 and 0.5680’. The subsequent price movements did not turn out as expected. NZD rose to a high of 0.5691 before settling at 0.5680 (+0.47%). Despite rising to a high of 0.5691, there is no clear increase in upward momentum. Today, we continue to expect range-trading, most likely between 0.5650 and 0.5690.”

1-3 WEEKS VIEW: “Last Tuesday (11 Nov, spot at 0.5645), we highlighted that NZD ‘is likely to trade in a range between 0.5605 and 0.5695’. We reiterated our stance last Friday (14 Nov, spot at 0.5655), stating that “there is no change in our view.” NZD subsequently rose close to 0.5695 (high was 0.5691). The slight increase in upward momentum is not enough to indicate a continued advance. In other words, we continue to hold the same view.”