NZD/USD: Likely to trade in the 0.6150/0.6270 range – UOB Group

The New Zealand Dollar (NZD) is likely to trade in a 0.6150/0.6270 range, UOB Group FX analysts Quek Ser Leang and Victor Yong note.

Closing in on the 0.6270 hurdle

24-HOUR VIEW: “In NY trading, NZD traded in a volatile manner between 0.6184 and 0.6268, closing at 0.6208 (+0.33%). We are not able to glean much out of the choppy price movements. Today, we expect NZD to trade in a range, probably between 0.6180 and 0.6230.”

1-3 WEEKS VIEW: “On Tuesday (17 Sep, spot at 0.6185), we indicated that NZD is likely to trade in a 0.6135/0.6235 range for now. While NZD broke above 0.6235 yesterday, it pulled swiftly and sharply from 0.6268. There has been no increase in either downward momentum or upward momentum. We continue to expect NZD to trade in a range, albeit a higher and wider one of 0.6150/0.6270.”