NZD/USD: Expected to edge lower to 0.5635 – UOB Group
|New Zealand Dollar (NZD) is expected to edge lower to 0.5635; the major support at 0.5605 is not expected to come under threat. 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: "NZD rose to a high of 0.5691 last Friday. Yesterday, we stated that 'despite rising to a high of 0.5691, there is no clear increase in upward momentum'. We expected NZD to 'trade in a range between 0.5650 and 0.5690'. Our view was not wrong, as NZD traded in a range of 0.5650/0.5688, closing on a soft note at 0.5653, down by 0.47%. There has been a slight increase in downward momentum. Today, we expect NZD to edge lower to 0.5635. The major support at 0.5605 is not expected to come under threat. On the upside, resistance levels are at 0.5665 and 0.5680."
1-3 WEEKS VIEW: "We have expected NZD to 'trade in a range between 0.5605 and 0.5695' since early last week. We continue to hold the same view for now."
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