In the view of Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group, NZD/USD is now likely to trade within a range bound theme. Ke
NZD/USD24-hour view: Yesterday, we indicated that NZD “is likely to break above 0.5945.” However, we held the view that it “does not appear to have enough momentum to threaten the next major resistance at 0.6010. While our view turned out to be correct as NZD rose to 0.5985 in NY trade, we did not anticipate the sharp selloff from the high. The sharp drop from the high has room to extend, but a sustained drop below 0.5900 appears unlikely. Resistance is at 0.5945, followed by 0.5965.
Next 1-3 weeks: We expected NZD to trade in a range of 0.5860/0.5960 for more than a week, until yesterday , when we indicated that “the resistance at 0.5960 is likely to give way, and NZD is likely to trade with an upward bias towards 0.6010.” NZD then rose sharply, but briefly, to 0.5985 before dropping back down. The momentum buildup has eased, and the upward bias has faded. To put it another way, NZD is likely to trade in a range for now, probably between 0.5870 and 0.5985.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
NZD/USD clings to the consolidative rangeNZD/USD is expected to maintain the range bound theme unchanged in the short-term horizon, note UOB Group’s Economist Lee Sue Ann and Markets Strategi
Read more »
NZD/USD Price Analysis: Remains inside woods ahead of Fed policyThe NZD/USD pair has oscillated in a narrow range of 0.5900-0.5940 for the past four trading sessions. The Kiwi asset struggles to find as investors a
Read more »
NZD/USD hovers below 0.5950 ahead of the Fed policy decisionNZD/USD extends its gains on the third successive day, trading higher around 0.5940 during the Asian session on Wednesday. However, the pair faced pre
Read more »
NZD/USD: There is bot a compelling reason for Kiwi to go higherNZD/USD is up a touch but is still below 0.60. Economists at ANZ Bank analyze Kiwi’s outlook. Fed to continue its higher for longer narrative It’ll al
Read more »
NZD/USD Price Analysis: Struggles for a confident move ahead of Fed policyThe NZD/USD pair trades sideways in a narrow range of 0.5932-0.5944 in the European session. The Kiwi asset struggles for a direction as investors awa
Read more »
NZD/USD soars to monthly highs above 0.5980, weak USDOn Tuesday, the NZD/USD faced intense buying pressure, soaring to 0.5984, as the US Dollar is trading weak against most of its rivals ahead of the Fed
Read more »