NZD unlikely to rise much more – UOB Group

New Zealand (NZD) is unlikely to go much higher, it is more likely to trade in a range between 0.6160 and 0.6205. In the longer term, the NZD is likely to trade in a wider range of 0.6135/0.6235, note UOB Group FX strategists Quek Ser Leang and Lee Sue Ann.

Likely to trade in a wider range of 0.6135/0.6235

24 HOURS: “The NZD rallied yesterday, hitting a high of 0.6202. While the AUD closed on a strong note of 0.6201, there was no significant momentum building and the NZD is unlikely to rise much further. Today, the NZD is more likely to trade in a range, probably between 0.6160 and 0.6205.”

WEEKS 1-3: “Last week the NZD fell to 0.6107 before recovering. The rebound lacks momentum and is likely part of a range trading phase. For now, NZD is likely to trade in the 0.6135/0.6235 range.”