NZD/USD: Likely to trade in a sideways range of 0.5805/0.5840 – UOB Group

New Zealand Dollar (NZD) is likely to trade in a sideways range of 0.5805/0.5840. In the longer run, NZD has likely moved into a 0.5770/0.5865 range-trading phase, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

NZD has likely moved into a range-trading phase

24-HOUR VIEW: "We stated last Friday that NZD 'appears to have entered a sideways trading phase,' and we expected it to 'trade between 0.5790 and 0.5830.' However, NZD traded in a higher range of 0.5814/0.5838. There has been little to no change in directional momentum, and we continue to expect sideways trading. Expected range for today: 0.5805/0.5840."

1-3 WEEKS VIEW: "Our update from last Thursday (02 Oct, spot at 0.5820) still stands. As highlighted, 'the price action suggests that NZD is likely to trade in a range for now, expected to be between 0.5770 and 0.5865'."