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Currency exchange rates board with NZD/USD rates

NZD/USD to Remain Range-Bound in Short-Term, UOB Says

The latest analysis from UOB Group’s economist Lee Sue Ann and markets strategist Quek Ser Leang suggests that the NZD/USD currency pair will be range-bound over the next few weeks, trading between 0.6140 and 0.6260.

According to UOB Group’s 24-hour view, the NZD rebounded from 0.6184 to 0.6242 after failing to dip below 0.6180. However, momentum remains weak, and the currency pair is unlikely to advance much further, with trading expected to be between 0.6190 and 0.6250.

Looking ahead, over the next one to three weeks, UOB Group expects the NZD/USD to remain range-bound, with the underlying tone softening and the NZD edging lower. While the currency pair dipped to 0.6185, downward momentum appears to have fizzled out, with the NZD likely to trade in a range for now, expected to be between 0.6140 and 0.6260, as long as the “strong resistance” level of 0.6260 is not breached.

If you are a Forex trader, this analysis from UOB Group could be valuable in helping you develop your trading strategies. Keep an eye on the NZD/USD currency pair in the coming weeks to see if it remains within the predicted range or experiences any unexpected movements. Also keep up with Edge-Forex for more such latest forex insights and expert analysis.