Likely to trade in a range between 0.5740 and 0.5825 – UOB Group

NZD/USD is likely to trade in a range between 0.5740 and 0.5825, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

NZD is likely to trade in a range

24-HOUR VIEW: “We expected NZD to ‘trade in a range between 0.5760 and 0.5800’ yesterday. However, NZD traded within a tight range of 0.5770/0.5792. NZD closed slightly lower at 0.5771 (-0.22%). The softer underlying tone suggests NZD could drift lower toward 0.5760 today. The major support at 0.5740 is not expected to come into view. On the upside, resistance levels are at 0.5785 and 0.5795.”

1-3 WEEKS VIEW: “We continue to hold the same view as yesterday (07 Jan, spot at 0.5780). As highlighted, NZD is likely to trade in a range, probably between 0.5740 and 0.5825.”