For the time being, New Zealand Dollar (NZD) is likely to trade in a range between 0.5720 and 0.5805, UOB Group's FX analysts Quek Ser Leang and Lee Sue Ann note.

NZD is likely to trade in a range

24-HOUR VIEW: "We expected NZD to 'trade in a range between 0.5725 and 0.5755' yesterday. Our view of range-trading was not wrong, even though NZD traded within a narrower range than expected (0.5727/0.5752). Momentum indicators are mostly flat, and we continue to expect NZD to trade in a range between 0.5725 and 0.5755."

1-3 WEEKS VIEW: "We highlighted on Tuesday (13 Jan, spot at 0.5770) that 'the recent downward pressure has eased', and we held the view that 'for the time being, NZD is likely to trade in a range between 0.5720 and 0.5805'. There is no change in our view."