In the opinion of FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang, NZD/USD is likely to trade within the 0.6200-0.6410 range in the next few weeks.

Key Quotes

24-hour view: “We expected NZD to trade within a range of 0.6270/0.6350 yesterday. NZD subsequently traded within a range of 0.6304/0.6362 before closing at 0.6330 (+0.25%). The underlying tone has firmed somewhat and NZD is likely edge higher from here. That said, a clear break of 0.6380 appears unlikely. On the downside, a break of 0.6290 (minor support at 0.6305) would indicate that the current mild upward pressure has eased.”

Next 1-3 weeks: “We continue to hold the same view as yesterday (20 Jun, spot at 0.6320). As highlighted, the outlook for NZD is mixed and it is likely to trade sideways within a relatively broad range of 0.6200/0.6410.”