The New Zealand Dollar (NZD) is expected to trade within a range of 0.6070 to 0.6115, according to UOB Group FX analysts Quek Ser Leang and Peter Chia. Although there is a possibility of the NZD weakening, the likelihood of it dropping below 0.6045 is currently low.
In the short-term view, the recent sharp drop in NZD to 0.6060 was deemed surprising, with expectations of consolidation. It is unlikely for NZD to weaken further, and it is anticipated to trade within the range of 0.6070 to 0.6115.
Looking ahead to the 1-3 week view, there was a previous forecast of NZD potentially reaching 0.6150, which was achieved with a rise to 0.6171. However, the currency has since fallen below the strong support level of 0.6100. While there may be a possibility of NZD edging lower, the chances of breaking below the major support at 0.6045 are currently deemed low. If NZD surpasses 0.6130, it would indicate a decrease in downward momentum.