Likely to trade in a range between 0.5725 and 0.5755 – UOB Group

Quiet price action provides no fresh clues; New Zealand Dollar (NZD) is likely to trade in a range between 0.5725 and 0.5755. In the longer run, for the time being, NZD is likely to trade in a range between 0.5720 and 0.5805, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

Quiet price action provides no fresh clues

24-HOUR VIEW: “When NZD was at 0.5740 in the early Asian session yesterday, we pointed out that ‘the slight increase in downward momentum is likely to lead to a lower range of 0.5720/0.5765 rather than a continued decline’. However, NZD traded in a narrow range between 0.5731 and 0.5755. The quiet price action provides no fresh clues. Today, NZD is likely to trade between 0.5725 and 0.5755.”

1-3 WEEKS VIEW: “On Wednesday (13 Jan, spot at 0.5770), we highlighted that ‘the recent downward pressure has eased, and for the time being, NZD ‘is likely to trade in a range between 0.5720 and 0.5805’. There is no change in our view.”