The New Zealand Dollar (NZD) is likely to trade in a 0.6135/0.6235 range, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.

Rangebound within the 0.6135/0.6235 range

24-HOUR VIEW: “We expected NZD to trade in range between 0.6160 and 0.6205 yesterday. NZD then traded in a 0.6179/0.6211 range, closing at 0.6187 (-0.23%). The price movements did not result in any increase in either downward or upward momentum. Today, we continue to expect NZD to trade in a range, probably between 0.6170 and 0.6210.”

1-3 WEEKS VIEW: “Yesterday (17 Sep, spot at 0.6185), we indicated that NZD is likely to trade in a 0.6135/0.6235 range for now. We continue to hold the same for now.”