NZD/USD: Expected to trade in a 0.5830/0.5890 range – UOB Group
The New Zealand Dollar (NZD) is expected to trade in a 0.5830/0.5890 range. In the longer run, NZD is expected to trade in a 0.5830/0.5930 range, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.
Bulls can test 0.5890 near term
24-HOUR VIEW: “Our view for NZD to trade in a 0.5860/0.5900 range was incorrect. Instead of trading in a range, NZD dropped to 0.5830, recovering to close lower by 0.52% at 0.5852. Despite the decline, there has been no significant increase in momentum. Today, we expect NZD to trade in a 0.5830/0.5890 range.”
1-3 WEEKS VIEW: “Our most recent narrative was from last Thursday (28 Nov, spot at 0.5895), wherein ‘the current price movements are likely part of a range trading phase,’ and NZD is expected to ‘trade between 0.5840 and 0.5950.’ Although NZD broke below 0.5840 yesterday and dropped to a low of 0.5830, downward momentum has not increased much. NZD must close and stay below 0.5830 before a sustained decline can be expected. Currently, it does not appear to have enough momentum to break clearly below 0.5830. Meanwhile, we continue to expect NZD to trade in a range, albeit within a lower range of 0.5830/0.5930.”
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