The New Zealand Dollar has shifted into a sideways trading pattern against the US Dollar, holding between 0.5640 and 0.5680. UOB Group analysts Quek Ser Leang and Peter Chia continue to expect the pair to remain range-bound over the near term.
NZD Expected to Stay Within a Defined Range
24-Hour View:
UOB noted that while they anticipated a slight dip toward 0.5635 on Tuesday, major support at 0.5605 was unlikely to be tested. NZD/USD briefly dropped to 0.5638 before recovering to close almost unchanged at 0.5657 (+0.07%). With momentum neutralizing, the pair now appears to be consolidating sideways. For today, UOB expects trading to remain confined between 0.5640 and 0.5680.
1–3 Weeks View:
Since early last week, analysts have maintained that NZD/USD will trade within a broader 0.5605–0.5695 range. Their outlook remains unchanged.
