NZD/USD: Likely to trade in a range of 0.5720/0.5760 – UOB Group
New Zealand Dollar (NZD) is likely to trade in a range of 0.5720/0.5760. In the longer run, the outlook for NZD is neutral now, and it is likely to trade in a range between 0.5685 and 0.5770, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Outlook for NZD is neutral now
24-HOUR VIEW: "NZD rose to a high of 0.5751 two days ago. Yesterday, when it was 0.5745, we highlighted the following: 'Despite the advance, there has been no clear increase in upward momentum. That said, the firmer underlying tone suggests that NZD is likely to trade in a higher range of 0.5725/0.5755 today'. NZD subsequently dropped to a low of 0.5710 and then rebounded to close largely unchanged at 0.5743 (- 0.04%). The price action provides no fresh clues, and today, we expect NZD to trade in a range of 0.5720/0.5760."
1-3 WEEKS VIEW: "We turned neutral on NZD last Friday (17 Oct, spot at 0.5725). We highlighted that 'downward pressure has eased', and we expected NZD to 'trade in a range between 0.5685 and 0.5770'. Our view remains unchanged."
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