Further range trading in New Zealand Dollar (NZD) vs US Dollar (USD) seems likely; probably in a range of 0.5710/0.5760. In the longer run, current price movements are likely part of a recovery phase that could reach 0.5775, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Current price movements are likely part of a recovery phase
24-HOUR VIEW: "While we expected NZD to 'rise further' yesterday, we indicated that 'overbought conditions suggest the major resistance at 0.5775 is out of reach for now.' However, NZD did not quite 'rise further,' as it traded in a higher range of 0.5721/0.5760, closing modestly higher by 0.13% at 0.5734. Further range trading seems likely today, probably in a range of 0.5710/0.5760."
1-3 WEEKS VIEW: "Our update from yesterday (06 Mar, spot at 0.5720) remains valid. As highlighted, the 'current price movements are likely part of a recovery phase that could reach 0.5775.' Our view will be invalidated if NZD breaks below 0.5660 (‘strong support’ level was at 0.5640 yesterday)."
Related Articles
[Reuters Analysis] China's bull market risks running out of gas: Raychaudhuri
By Manishi Raychaudhuri HONG KONG, Sept 22 (Reuters) - China's onshore equity markets are booming, outperforming many of their developed market counterparts this year. But whether this is the beginning of a true Chinese equity boom or yet another short-lived bubble will likely depend on gover...
Investing in Robotics & Automation
Robotics and automation are a structural megatrend driven by labor shortages, supply chain shifts, and the push for efficiency.The investment landscape spans industrial leaders, healthcare innovators, logistics adopters, and semiconductor enablers.
[Reuters Analysis] Why South Korea cannot make the same US trade deal as Japan
South Korea trade talks with U.S. have stalled due to FX issuesCurrency market too small for $350 bln fund, unlike Japan's caseHopes grow that bilateral currency swap line may offer solution By Jihoon Lee and Yena Park SEOUL, Sept 15 (Reuters) - South Korea's negotiations with the U.S. on...
Unlocking Gold’s Next Leg: $4,000 in Reach by 2025？
TradingKey - Gold has kicked off a fresh uptrend in early September, breaking out of months of compression and reclaiming key territory. The decisive move above $3,500 establishes a new support base and puts higher objectives back on the table for the weeks ahead
