NZD/USD is expected to maintain the range bound theme unchanged in the short-term horizon, note UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.
24-hour view: Our expectation for NZD to edge lower yesterday did not materialise as it traded in a range of 0.5895/0.5920. Upward momentum is showing signs of building, albeit tentatively. Today, as long as NZD stays above 0.5895 (minor support is at 0.5910), it could strengthen, but it is unlikely to break the major resistance at 0.5960.
Next 1-3 weeks: Our most recent narrative was from last Monday (11 Sep, spot at 0.5900), wherein NZD is likely to trade in a range, probably between 0.5860 and 0.5960. We continue to hold the same view.
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