The New Zealand Dollar (NZD) is expected to trade in a 0.6070/0.6115, or, at least, in a broader range between 0.6045 and 0.6145, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.
All eyes on 0.6115
24-HOUR VIEW: “Last Thursday, NZD popped to a high of 0.6134 and then pulled back. On Friday, when NZD was trading at 0.6090, we indicated that 'the brief advance did not result in any increase in momentum,' and we expected NZD to trade in a 0.6065/0.6130 range. Our view of range trading was not wrong, even though NZD traded in a narrower range than expected (0.6077/0.6126). Further range trading seems likely, but the slightly softened underlying tone suggests a lower range of 0.6070/0.6115.”
1-3 WEEKS VIEW: “Our update from last Friday (12 Jul, spot at 0.6090) still stands. As highlighted, the current price movements are likely part of a range trading phase, probably between 0.6045 and 0.6155.”
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