Scope for the New Zealand Dollar (NZD) to test 0.5920 before levelling off; the major resistance at 0.5950 is likely out of reach for now. In the longer run, for the time being, NZD is likely to trade in a range between 0.5840 and 0.5950, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.

The major resistance at 0.5950 is likely out of reach for now

24-HOUR VIEW: “The sharp rise in NZD that sent it to a high of 0.5908 was surprising (we were expecting 0.5810/0.5860 range trading). The rapid rise seems excessive, but there is scope for NZD to test 0.5920 before levelling off. The major resistance at 0.5950 is likely out of reach for now. Support levels are at 0.5880 and 0.5865.”