There is a chance for New Zealand Dollar (NZD) to test 0.5840 before the risk of a pullback increases. In the longer run, NZD has likely moved into a 0.5770/0.5865 range-trading phase, UOB Group's FX analysts Quek Ser Leang and Peter Chia note. NZD is likely to trade in a range for now24-HOUR VIEW: "We did not anticipate the sharp rise in NZD that reached a high of 0.5831 (we were expecting consolidation). That said, there is a chance for NZD to test 0.5840 before the risk of a pullback increases. The price action suggests that NZD is likely to trade in a range for now, expected to be between 0.5770 and 0.5865."