NZD/USD: BEARS PUSH TOWARDS THE 0.5915 SUPPORT – UOB GROUP
The New Zealand Dollar (NZD) is expected to trade in a range between 0.5915 and 0.5965. Two-week NZD weakness has ended; the current recovery phase could extend to 0.5990, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.
NZD is set to test 0.5915 in short term
24-HOUR VIEW: “Last Friday, we expected NZD to trade in a sideways range of 0.5915/0.5955. However, NZD rose to 0.5985 and then pulled back to close at 0.5957 ( 0.11%). The price action is likely part of a range trading phase. Today, we expect NZD to trade between 0.5915 and 0.5965.”
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