NZD/USD: Slight increase in short-term upward momentum – UOB Group
New Zealand Dollar (NZD) is likely to trade in a higher range of 0.5650/0.5700 against the US Dollar (USD). In the longer run, for the time being, NZD is likely to trade in a range between 0.5595 and 0.5720, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
NZD is likely to trade between 0.5595 and 0.5720
24-HOUR VIEW: "Yesterday, we noted that 'the outlook is unclear' and we held the view that NZD 'is likely to trade in a 0.5605/0.5675 range.' NZD then traded in a narrower range of 0.5623/0.5678. There has been a slight increase in momentum, but not enough to suggest a sustained rise. Today, NZD is more likely to trade in a higher range of 0.5650/0.5700. In other words, a clear break above 0.5700 is unlikely."
1-3 WEEKS VIEW: "Our latest narrative was from Tuesday (11 Feb, spot at 0.5640), wherein 'for the time being, NZD is likely to trade in a range between 0.5595 and 0.5720.' Although there has been a slight increase in short-term upward momentum, NZD does not appear to be ready to break above 0.5720 just yet. We continue to expect NZD to trade in a range for now."
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FXStreet Insights Team
FXStreet
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