NZD/USD: Further range bound likely near term – UOB

Pablo Piovano FXStreet

NZD/USD is predicted to navigate the 0.6240-0.6360 range in the next weeks, suggested FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang.

Key Quotes

24-hour view: “We highlighted yesterday ‘the price actions still appear to be part of a consolidation’ and we expected NZD to ‘trade between 0.6270 and 0.6330’. Our view for consolidation was not wrong even though NZD traded within a narrower range than expected (0.6283/0.6326). NZD could continue to consolidate for now, likely between 0.6270 and 0.6325.”

Next 1-3 weeks: “Our update from yesterday (27 Jun, spot at 0.6310) still stands. As highlighted, it appears that NZD is still in a consolidation phase and it is likely to trade between 0.6240 and 0.6360 for now.”

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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