NZD/USD bullish, could test 0.7180 – UOB

Pablo Piovano FXStreet

FX Strategists at UOB Group have shifted the NZD/USD outlook to bullish and see a potential test of the 0.7180 area in the near term.

Key Quotes

“NZD surged to a high of 0.7144 but the up-move was shortlived. Despite the pull-back from the high, the undertone for this pair is still positive. From here, a move above the 0.7144 high would not be surprising but the strong 0.7180 resistance is likely out of reach for now”.

“As noted yesterday, a break above 0.7100/05 would shift the neutral outlook for NZD to bullish. Shorter-term indicators are overbought but there appears to be room for extension to 0.7180 (with a stop-loss at 0.7020). At current level, the reward to risk does not appear to be that attractive and those looking to go long may like to wait for a dip closer to 0.7060/70”.

	TREND INDEX	OB/OS INDEX	VOLATILY INDEX
15M	Bearish	Neutral	Expanding
1H	Bullish	Neutral	Shrinking
4H	Bullish	Neutral	Expanding
1D	Bullish	Neutral	Shrinking
1W	Bearish	Neutral	Expanding
Updated Jan 12, 13:45 GMT

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.