According to Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group, NZD/USD could navigate within 0.6400 and 0.6535 in the next few weeks.
Key Quotes
24-hour view: “We held the view that NZD ‘is likely to trade sideways within a range of 0.6465/0.6510’ yesterday. Our view of sideways trading was not wrong even though NZD traded within a slightly narrower range than expected (0.6465/0.6507). The underlying tone has softened and NZD is likely to edge lower toward 0.6440. The major support at 0.6400 is unlikely to come into view. Resistance is at 0.6490, followed by 0.6505.”
Next 1-3 weeks: “Our update from last Thursday (26 Jan, spot at 0.6492) is still valid. As highlighted, NZD is likely to trade between 0.6400 and 0.6535 for the time being.”