The New Zealand Dollar (NZD) is likely to consolidate in a range of 0.6070/0.6110. In the longer run, oversold weakness has not stabilised, but NZD must break clearly below 0.6050 before further sustained decline is likely, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.

NZD to consolidate in a range of 0.6070/0.6110

24-HOUR VIEW: “NZD traded between 0.6071 and 0.6102 yesterday, narrower than our expected consolidation range of 0.6065/0.6115. There has been no increase in either downward or upward momentum, and further consolidation seems likely. Expected range for today: 0.6070/0.6110.”