NZD/USD: Expected to trade between 0.5675 and 0.5725 – UOB Group

FXStreet Insights Team FXStreet

New Zealand Dollar (NZD) is expected to trade between 0.5675 and 0.5725 vs US Dollar (USD). In the longer run, current price movements are likely part of a range trading phase between 0.5640 and 0.5765, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Current price movements are likely part of a range trading phase

24-HOUR VIEW: "When NZD was at 0.5730 yesterday, we indicated that, 'provided that 0.5700 holds, NZD could rise and test 0.5760.' Our assessment was incorrect as NZD dropped to a low of 0.5683. The price movements did not result in a significant increase in downward momentum. Our view today is for NZD to trade between 0.5675 and 0.5725."

1-3 WEEKS VIEW: "We highlighted on Tuesday (10 Mar, spot at 0.5695) that the recent price action did not result 'in any increase in momentum,' and a break of 0.5660 (‘strong support’ level) would mean that the recovery is not reaching 0.5775.' NZD traded in a range over the past couple of days. While our strong support level has not been breached yet, upward momentum has faded. The current price movements are likely part of a range trading phase, most likely between 0.5640 and 0.5765."

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FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

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