NZD/USD Likely to trade between 0.5820 and 0.5920 – UOB Group

FXStreet Insights Team FXStreet

The price action provides no fresh clues; New Zealand Dollar (NZD) is expected to range-trade between 0.5835 and 0.5875. In the longer run, NZD appears to have entered a range-trading phase; for the time being, it is likely to trade between 0.5820 and 0.5920, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

The price action provides no fresh clues

24-HOUR VIEW: "When NZD was at 0.5850 in the early Asian session yesterday, we indicated that 'the current price movements appear to be part of a range-trading phase, most likely between 0.5830 and 0.5875.' Our view of range-trading was not wrong, even though NZD traded within a narrower range than expected, between 0.5830 and 0.5867. The price action provides no fresh clues, and we continue to expect NZD to range-trade, most likely between 0.5835 and 0.5875."

1-3 WEEKS VIEW: "We continue to hold the same view as Monday (25 Aug, spot at 0.5865). As highlighted, NZD appears to have entered a range-trading phase, and for the time being, it is likely to trade between 0.5820 and 0.5920.”

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FXStreet Insights Team

FXStreet

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