The New Zealand Dollar (NZD) is likely to trade in a range between 0.6180 and 0.6225. In the longer run, NZD is expected to continue to advance; it remains to be seen if the y-t-d high of 0.6320 is within reach, UOB Group FX strategists Quek Ser Leang and Lee Sue Ann note.
Rangebound between 0.6180 and 0.6225
24-HOUR VIEW: “Yesterday, we indicated that “further NZD strength is not ruled out, but severely overbought conditions suggest any advance is likely limited to a test of 0.6260.” However, instead of strengthening further, NZD traded in a range between 0.6198 and 0.6233. Further range trading seems likely today, probably between 0.6180 and 0.6225.”
1-3 WEEKS VIEW: “Not much has changed since our update from yesterday (26 Aug, spot at 0.6230). As highlighted, while we continue to expect NZD to advance, conditions are severely overbought, and it remains to be seen if the year-to-date high of 0.6320 is within reach. Should NZD break below 0.6140 (no change in ‘strong support’ level), it would indicate that NZD is not strengthening further.”
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