NZD/USD: A dip below 0.5970 is possible – UOB Group

FXStreet Insights Team FXStreet

As long as 0.6010 is not breached, the New Zealand Dollar (NZD) could dip below 0.5970 before stabilisation is likely. In the longer run, there is no significant increase in momentum, but the weakness in NZD has not stabilised. The next level to watch is 0.5950, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.

The next level to watch is 0.5950

24-HOUR VIEW: “We indicated last Friday that NZD ‘could drift lower, but it is unlikely to break clearly below 0.5985.’ The anticipated decline exceeded our expectations, as NZD dropped to a low of 0.5975. Despite the decline, downward momentum has not increased that much. However, as long as 0.6010 (minor resistance is at 0.5995) is not breached, NZD could dip below 0.5970 before stabilisation is likely. The next support at 0.5950 is unlikely to come into view.”

1-3 WEEKS VIEW: “We have held a negative view in NZD since early this month. In our latest narrative from last Thursday (24 Oct, spot at 0.6005), we indicated that ‘the potential for further declines could be limited.’ We also indicated that “the levels to watch are 0.5985 and 0.5970.” Last Friday, NZD fell to a low of 0.5975. Despite the decline, there is no significant increase in momentum. However, only a breach of 0.6035 (‘strong resistance’ level previously at 0.6060) would mean that the weakness has stabilised. The next level to watch is 0.5950.”

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

GBP/USD clings to multi-day peaks below 1.3500

GBP/USD trades with marked gains on Friday, now giving away some gains following an earlier surpass of the key 1.3500 yardstick. Indeed, Cable gathers fresh steam amid the strong offered stance in the Greenback, all after US NFP badly missed expectations in July.

EUR/USD: Post-NFP bounce falters around 1.1580

EUR/USD reverses Thursday’s decline and trades with solid gains in the 1.1560 region, or two-month peaks, on Friday. The pair’s firm performance comes in a context of a sharp correction in the US Dollar as investors continue to assess disheartening US NFP readings.

How Wall Street rigs the game [Video]

In this week’s Live from the Vault, Andrew Maguire is joined by Peter Antico and Sean Stone to discuss the Paradigm of Money - an in-depth expose of financial market corruption, from naked shorting to the two-tier system that protects Wall Street.

XRP Price Forecast: XRP nears critical $1.00 support

Ripple (XRP) remains pressured on Friday, trading around $1.03 at the time of writing. The token appears to hold this current level as support but lacks a catalyst to sustain a knee-jerk rebound toward the next key resistance at $1.10.

Is Gold about to enter its biggest bull run since 2020?

Gold has stormed back into the spotlight and its next move could leave late buyers chasing. On August 5, the yellow metal surged almost 7% – roughly $174 – to close near $4,308 an ounce, posting one of its biggest daily advances in recent history. A weaker U.S dollar, falling Treasury yields, changing Federal Reserve expectations and renewed safe-haven demand all struck at once.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.