The New Zealand Dollar (NZD) is forecasted to trade within a range of 0.6065 to 0.6130, according to UOB Group FX analysts Quek Ser Leang and Peter Chia.
In the short-term view, NZD experienced a sharp drop to 0.6060 before rebounding to a high of 0.6134. Despite the brief increase, momentum did not significantly change, with the currency closing at 0.6094. It is expected that NZD will continue to trade within a range of 0.6065 to 0.6130.
Looking ahead to the next 1-3 weeks, there was a slight increase in downward momentum, but the likelihood of NZD breaking below 0.6045 was deemed low. In recent trading, NZD briefly surpassed a strong resistance level of 0.6130, indicating that the downward momentum has weakened. The currency is anticipated to enter a range trading phase, likely between 0.6045 and 0.6155.