NZD/USD is now seen within the 0.5865-0.5995 – UOB

Pablo Piovano FXStreet

NZD/USD is expected to navigate between 0.5865 and 0.5995 in the short term according to UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.

Key Quotes

24-hour view: Yesterday, we expected NZD to trade sideways in a range of 0.5890/0.5935. NZD then traded in a narrower range than expected (0.5897/0.5926). Momentum indicators are flat, and we continue to expect NZD to trade sideways, probably in a range of 0.5890/0.5930.

Next 1-3 weeks: There is not much to add to our update from last Friday (24 Aug, spot at 0.5920). As highlighted, we continue to expect NZD to trade in a range, albeit a lower one of 0.5865/0.5995. Looking ahead, NZD has to break clearly below 0.5865 before a sustained decline is likely.

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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