NZD/USD now faces further consolidation short term – UOB

NZD/USD is now seen navigating the 0.5590-0.5810 band in the next weeks, suggest UOB Group’s Markets Strategist Quek Ser Leang and Economist Lee Sue Ann.

Key Quotes

24-hour view: “The current movement is NZD appears to be part of a consolidation. For today, we expect NZD to trade between 0.5645 and 0.5750.”

Next 1-3 weeks: “Yesterday, NZD rose to a high of 0.5675 before pulling back sharply. The price actions appear to be part of a consolidation phase and we expect NZD to trade between 0.5590 and 0.5800 for the time being. Looking ahead, NZD has to break clearly above 0.5810 before a sustained advance is likely.”