The New Zealand Dollar (NZD) is expected to continue trading within a narrow range, according to FX analysts Quek Ser Leang and Peter Chia from UOB Group. The pair is likely to fluctuate between 0.5720 and 0.5760 in the short term, while the broader outlook remains neutral, with a wider trading range forecast between 0.5685 and 0.5770.
🔹 Short-Term View: Calm Within the Range
Earlier this week, NZD/USD reached a high of 0.5751, showing signs of firming. However, when the pair was trading at 0.5745 yesterday, UOB analysts noted that momentum was lacking despite the recent uptick.
They had projected that the pair would trade within a slightly higher range of 0.5725 to 0.5755 — and that’s exactly what played out. NZD dipped briefly to 0.5710 before rebounding and closing nearly unchanged at 0.5743, down just 0.04%.
With no strong momentum in either direction, analysts now expect NZD/USD to continue moving within a tight range of 0.5720 to 0.5760 for the day.
🔸 Medium-Term View: Neutral Bias Maintained
UOB turned neutral on the NZD last Friday (October 17), when the pair was trading near 0.5725. At that time, they stated that the downward pressure had subsided, and expected the pair to range-trade between 0.5685 and 0.5770 for the time being.
That outlook remains unchanged as the pair shows no clear trend in either direction.
📌 Summary
- Today’s expected range: 0.5720 – 0.5760
- 1–3 week outlook: Neutral
- Broader range to watch: 0.5685 – 0.5770
- Momentum: Lacking clear direction for now