The New Zealand (NZD) is unlikely to rise much further, it is more likely to trade in a range between 0.6160 and 0.6205. In the longer run, NZD is likely to trade in a broader 0.6135/0.6235 range, UOB Group FX strategists Quek Ser Leang and Lee Sue Ann note.

Likely to trade in a broader 0.6135/0.6235

24-HOUR VIEW: “Yesterday, NZD rose, reaching a high of 0.6202. While AUD closed on a strong note tat 0.6201, there has been no significant increase in momentum, and NZD is unlikely to rise much further. Today, NZD is more likely to trade in a range, probably between 0.6160 and 0.6205.”

1-3 WEEKS VIEW: “Last week, NZD dipped to 0.6107 before rebounding. The rebound lacks momentum and is likely part of a range trading phase. For the time being, NZD is likely to trade in a 0.6135/0.6235 range.”