NZD/USD: CAN POTENTIALLY REACH JUNE’S HIGH OF 0.6223 – UOB GROUP
The New Zealand Dollar (NZD) is expected to trade in a sideways range of 0.6120/0.6160. On the weekly chart, overbought advance doesn’t appear to be losing steam yet; NZD could potentially reach June’s high of 0.6223, UOB Group FX strategists Quek Ser Leang and Peter Chia note.
The 0.6223 level is the potential target
24-HOUR VIEW: “We noted yesterday that ‘the price action is likely part of a sideways trading phase,’ and we expected NZD to trade between 0.6135 and 0.6180. NZD then traded in a range of 0.6129/0.6169, closing at 0.6141 (-0.24%). The price action still seems to be part of a sideways trading phase. Today, NZD is expected to trade in a range of 0.6120/0.6160.
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