The New Zealand Dollar (NZD) is expected to trade in a 0.6200/0.6270 range. In the longer run, NZD must break and remain above 0.6270 before an advance to 0.6310 can be expected, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.

NZD trading in a 0.6200/0.6270 range for now

24-HOUR VIEW: “Our view for NZD to trade in a 0.6180/0.6230 range was incorrect. NZD dropped to 0.6183, soared to 0.6269, closing at 0.6242 ( 0.55%). The price action has resulted in a mixed outlook. We continue to expect NZD to trade in a range, albeit a narrower one of 0.6200/0.6270.”