According to UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, NZD/USD could be now headed to the 0.6050 region in the short term.

Key Quotes

24-hour view: “Our expectations for NZD to drop further did not materialize as it traded between 0.6086 and 0.6138 before closing largely unchanged at 0.6105 (-0.03%). Today, NZD could continue to trade in a range, expected to be between 0.6090 and 0.6140.”

Next 1-3 weeks: “There is no change in our view from yesterday (08 Mar, spot at 0.6110) that the recent NZD weakness has resumed. Overall, as long as NZD stays below 0.6180 (‘strong resistance’ level was at 0.6195 yesterday), it is likely to weaken to 0.6050.”