NZD/USD: Likely to trade in a sideways range of 0.6015/0.6055 – UOB Group

New Zealand Dollar (NZD) is likely to trade in a sideways range of 0.6015/0.6055 against US Dollar (USD). In the longer run, upward momentum remains largely unchanged, but there is a chance for NZD to test 0.6095, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Upward momentum remains largely unchanged

24-HOUR VIEW: "While we expected NZD to 'trade with an upward bias' yesterday, we indicated that 'the major resistance at 0.6095 is likely out of reach.' We also pointed out, 'there is another resistance level at 0.6070.' After rising briefly to a high of 0.6066 in the NY session, NZD retreated to close at 0.6027 (-0.44%). The upward bias has faded, and NZD is likely to trade in a sideways range of 0.6015/0.6055 today."

1-3 WEEKS VIEW: "We have maintained the same view since last Friday (06 Jun, spot at 0.6045), wherein 'upward momentum remains largely unchanged, but there is a chance for NZD to test 0.6095.' On the downside, a breach of 0.6010 would indicate that the chance for a test of 0.6095 has faded."