NZD/USD: Likely to trade between 0.5830 and 0.5875 – UOB Group

The current price movements are likely part of a range-trading phase between 0.5830 and 0.5875. In the longer run, New Zealand Dollar (NZD) appears to have entered a range-trading phase; for the time being, it is likely to trade between 0.5820 and 0.5920, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

NZD appears to have entered a range-trading phase

24-HOUR VIEW: "NZD soared to a high of 0.5876 last Friday. Yesterday, we highlighted the following: 'The rapid rise has scope to test 0.5885 before levelling off becomes likely. The major resistance at 0.5920 is not expected to come into view.' Our expectations did not materialise, as NZD traded between 0.5847 and 0.5877, closing at 0.5849 (-0.32%). The current price movements appear to be part of a range-trading phase, most likely between 0.5830 and 0.5875."

1-3 WEEKS VIEW: "Not much has changed since our update yesterday (25 Aug, spot at 0.5865). As highlighted, NZD appears to have entered a range-trading phase, and for the time being, it is likely to trade between 0.5820 and 0.5920."