The New Zealand Dollar (NZD) is anticipated to trade within a sideways range between 0.6135 and 0.6180 according to UOB Group’s FX analysts. Despite the overbought conditions, the NZD shows no signs of losing momentum and could potentially reach June’s high of 0.6223.
Expected Sideways Trading Range 0.6135/0.6180
24-HOUR VIEW: NZD closed unchanged at 0.6156 after trading between 0.6133 and 0.6178. The current price action suggests a sideways trading phase with an expected range of 0.6135 to 0.6180.
1-3 WEEKS VIEW: With a slight rise above July’s top of 0.6171, NZD reached 0.6178 and closed at 0.6156. Despite a slightly eased pace, the overbought conditions indicate continued upward movement. The key level to watch is June’s high of 0.6223, with a crucial support level at 0.6090 to maintain momentum.
Analysis:
Overall, the NZD is poised for further appreciation with potential to reach June’s high of 0.6223. Traders should monitor the support level at 0.6090 to confirm the ongoing bullish trend. Stay tuned for more updates on NZD’s performance in the financial markets.