Likely to trade in 0.6150/0.6270 range – UOB Group

The New Zealand dollar (NZD) is likely to trade in the 0.6150/0.6270 range, note UOB Group FX analysts Quek Ser Leang and Victor Yong.

Approaching the 0.6270 hurdle

24 HOURS: “In NY trading, NZD traded in a volatile fashion between 0.6184 and 0.6268, closing at 0.6208 (+0.33%). We are not able to glean much from choppy price movements. Today, we expect the NZD to trade in a range, probably between 0.6180 and 0.6230.”

WEEKS 1-3: “On Tuesday (17 September, spot at 0.6185), we indicated that the NZD was likely to trade in a 0.6135/0.6235 range for now. While NZD topped 0.6235 yesterday, it fell quickly and sharply from 0.6268. There was no increase in downward or upward momentum. We still expect NZD to trade in a range, albeit a larger and wider one of 0.6150/0.6270.”