NZD/USD Forecast: Range Trading Expected Between 0.5940 and 0.6000 – UOB Group

NZD/USD Set to Trade Within 0.5940 to 0.6000 Range – UOB Group Analysis

H2: Short-Term Outlook: Slightly Bullish Momentum Maintains Range Bound Trading

UOB Group notes that the New Zealand Dollar (NZD) will likely trade between 0.5940 and 0.6000 against the US Dollar (USD) over the next 24 hours. After testing a low near 0.5925, NZD rebounded to 0.5990, showing a slight uptick in bullish momentum, but the pair remains range-bound.

H2: Medium-Term Perspective: Loss of Upward Momentum Limits Gains

Despite the short-term strength, UOB highlights that upward momentum has faded, leading to a broader trading range of 0.5900 to 0.6000 over the next one to three weeks. The outlook remains cautious as NZD faces resistance near the upper range.

H2: Trading Implications and Strategy

Traders should consider adopting range-trading strategies within the identified support and resistance levels, watching for signs of breakout or further momentum loss. Monitoring global economic data and risk sentiment will be key in influencing NZD/USD’s direction.

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