NZD/USD keeps the broad rangebound intact – UOB

In opinion of FX Strategists at UOB Group, NZD/USD is forecasted to trade within the 0.6580-0.6715 range in the next weeks.

Key Quotes

24-hour view: “NZD traded between 0.6645 and 0.6682 yesterday, higher and slightly narrower than our expected range of 0.6635/0.6675. The price actions offer no fresh clues and NZD could continue to trade sideways for now. That said, the slightly weakened underlying tone suggests a lower trading range of 0.6630/0.6670.”

Next 1-3 weeks: “Despite the relatively strong advance last Friday (09 Oct), upward momentum has not improved by much. That said, the firm underlying tone indicates that NZD could drift higher from here but any advance is viewed as part of a broad 0.6580/0.6715 range. In other words, a sustained advance above 0.6715 is not likely.”