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.”
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