In the view of UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, NZD/USD is expected to navigate within the 0.6140-0.6280 range in the next few weeks.
Key Quotes
24-Hour View: “We highlighted yesterday that ‘there is no downside momentum and the NZD is unlikely to weaken further’ and we expect the NZD to trade sideways between 0.6185 and 0.6245. Our view on the sideways trading was not wrong although the NZD is expected (0.6182 /0.6217). The underlying tone seems to have firmed up a bit and the NZD could move higher today. However, there is no chance of an advance breaking 0.6245. Support is at 0.6185, a break of 0.6160 would indicate that the current mild upward pressure fades. gone
Next 1-3 weeks: “We maintain the same view as yesterday (March 27, spot at 0.6205) with NZD likely to consolidate and trade in the 0.6140/0.6280 range for now.”
