EUR/NZD Price Analysis: Bulls seek out upside confluence targets

EUR/USD trades marginally lower on the day below 1.1750 but clings to strong weekly gains. The data from Germany and the Eurozone showed that the business activity in private sector expanded at a modest pace in January, helping the Euro hold its ground. In the second half of the day, US PMI data will be watched closely.

GBP/USD gains traction and trades in positive territory above 1.3500 on Friday following an earlier decline. Upbeat Retail Sales and January PMI data from the UK help Pound Sterling stay resilient against its rivals as market focus shifts to US data.

Gold loses its traction and declines toward $4,900 after touching a new record-high near $4,970 earlier in the day. The modest US Dollar recovery ahead of US PMI data causes XAU/USD to stretch lower, while investors keep a close eye on geopolitics.

Bitcoin, Ethereum and Ripple show mixed signals at the time of writing on Friday as the broader crypto market attempts to stabilize after this week’s sell-off. BTC extends its recovery after finding support around a key level.

The BoJ paused rates at 0.75%, expressing greater confidence in growth and reaching the 2% inflation goal. The challenge is balancing rate hikes to support JPY without slowing growth.

Tron (TRX) price extends its gains, trading above $0.30 at the time of writing on Friday after retesting the previously broken bullish breakout structure earlier this week. The positive on-chain and derivatives data back the bullish price action.