NZD/USD: Expected to continue to trade in a range – UOB Group
|
New Zealand Dollar (NZD) is expected to continue to trade in a range, likely between 0.5710 and 0.5755. In the longer run, NZD is likely to edge lower toward the major support zone of 0.5650/0.5670, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Chance for NZD to edge lower toward the 0.5650/0.5670 area
24-HOUR VIEW: "While we expected 'further range trading' yesterday, we indicated that 'the softened underlying tone suggests NZD is likely to trade in a lower range of 0.5700/0.5750.' NZD then traded between 0.5715 and 0.5755, closing at 0.5739 (+0.17%). The price action provides no fresh clues, and we continue to expect NZD to trade in a range, likely between 0.5710 and 0.5755."
1-3 WEEKS VIEW: "We continue to hold the same view as Wednesday (26 Mar, spot at 0.5730). As highlighted, NZD 'is likely to edge lower toward the major support zone between 0.5650 and 0.5670.' While the likelihood of NZD breaking this support zone is not high, the downward bias will remain intact provided that NZD remains below 0.5770 (no change in ‘strong resistance’ level)."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.