As a top investment manager and financial market’s journalist, I am here to provide you with the latest insights on the New Zealand Dollar (NZD) trading range. According to UOB Group FX analysts Quek Ser Leang and Lee Sue Ann, the NZD is likely to trade in a sideways range of 0.5965/0.6015 or continue its recovery.
Key Level to Watch: 0.6035
24-HOUR VIEW: Our previous forecast for NZD to rise was correct, with the currency reaching a high of 0.6025 before pulling back. However, overbought conditions and slowing momentum suggest that NZD may trade sideways in the short term. Today, we expect NZD to trade in a range of 0.5965/0.6015.
1-3 WEEKS VIEW: Despite overbought conditions, we anticipate NZD to continue its recovery towards 0.6035. A breach of 0.5940 would indicate a lack of further recovery. Looking ahead, the next key level to watch is at 0.6065.
Analysis:
For investors and traders, it is important to monitor the key level of 0.6035 for NZD. The current overbought conditions may lead to some sideways trading, but the overall trend suggests a potential recovery. Keep an eye on the support level of 0.5940 for any signs of a reversal in the NZD’s movement. Stay informed and make informed decisions to maximize your investment opportunities.