In the assessment of UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, NZD/USD is projected to transit within the 0.6140-0.6280 band in the next few weeks.
Important Quotes \s24-hour view: “We highlighted yesterday that ‘the decrease lacks momentum and NZD is unlikely to weaken further’ and we projected NZD to trade sideways between 0.6185 and 0.6245. Notwithstanding the fact that the NZD moved in a narrower range than anticipated (0.6182/0.6217), our assessment of sideways trading was correct. Today, the NZD is probably going to go somewhat higher as the underlying tone seems to have firmed up a bit. Any gain, though, is unlikely to surpass 0.6245. Support is at 0.6185; a break of 0.6160 would signal the weakening of the recent rising pressure.
The NZD is anticipated to consolidate and trade in a range of 0.6140/0.6280 for the upcoming 1-3 weeks, according to the same opinion we held yesterday (27 Mar, spot at 0.6205).
