NZD/USD: To trade in a range between 0.5845 and 0.5885 – UOB Group
|The New Zealand Dollar (NZD) is expected to trade in a range between 0.5845 and 0.5885. In the longer run, outlook for NZD remains negative; the technical target now is at last year’s low of 0.5775, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.
Outlook for NZD remains negative
24-HOUR VIEW: “We expected NZD ‘to continue to weaken’ last Friday. However, it traded in a 0.5841/0.5880 range. The price movements are likely part of a range trading phase. Today, NZD is expected to trade between 0.5845 and 0.5885.”
1-3 WEEKS VIEW: “We turned negative in NZD last Wednesday (13 Nov, spot at 0.5925), but we indicated that ‘it is too early to tell if the major support at 0.5850 is within reach.’ After NZD fell below 0.5850, we indicated last Friday (15 Nov, spot at 0.5845) that ‘the outlook for NZD remains negative, and the technical target now is at last year’s low of 0.5775.’ We will continue to hold the same view, provided that 0.5915 (‘strong resistance’ previously at 0.5925) is not breached.”
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