In the opinion of UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, NZD/USD faces extra range bound trade within 0.5985-0.6140 in the short-term horizon.

Key Quotes

24-hour view: “NZD fell by 0.70% yesterday (NY close of 0.6037). Downward momentum has improved, albeit not much. Today, NZD could edge lower to 0.6020 before the risk of a rebound increases. Resistance is at 0.6065, followed by 0.6085.”

Next 1-3 weeks: “The price actions since last week’s low near 0.5985 is likely part of a consolidation phase. For now, NZD is likely to trade sideways between 0.5985 and 0.6140.”