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In light of the recent performance, NZD/USD is now seeing within a rangebound theme, noted FX Strategists at UOB Group.

Key Quotes

24-hour view: “Not surprisingly, NZD traded within the broad 0.6238/0.6325 range registered on Tuesday (NZD traded between 0.6264 and 0.6306 yesterday). The price action offers no fresh clues and NZD is likely to continue to trade sideways for now. Expected range for today, 0.6270/0.6320.”

Next 1-3 weeks: “The strong rebound in NZD over the past two days came a surprise. Out ‘strong resistance’ level at 0.6300 was breached as NZD popped to an overnight high of 0.6325. Downward pressure has eased and NZD has likely moved into a consolidation phase. From here, NZD is expected to trade sideways for a period, likely within a relatively broad range of 0.6200 and 0.6390.”