NZD/USD: Can break above 0.5700 – UOB Group

FXStreet Insights Team FXStreet

Robust momentum indicates New Zealand Dollar (NZD) could break above 0.5700, but it might not be able to maintain a foothold above this level. In the longer run, NZD is likely to continue to rise, potentially reaching the major resistance at 0.5750, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.

NZD is likely to continue to rise

24-HOUR VIEW: “The sharp surge in NZD that sent it to a high of 0.5682 was surprising (we were expecting sideways trading). While the advance is overbought, robust momentum indicates NZD could break above 0.5700. Given the overbought conditions, it might not be able to maintain a foothold above this level. The next major resistance at 0.5750 is also unlikely to come into view for now. Support is at 0.5620; a breach of 0.5630 would indicate that the current strong upward pressure has eased.”

1-3 WEEKS VIEW: “We indicated yesterday (20 Jan, spot at 0.5585) that the recent ‘upward momentum has largely faded, and from here, we expect NZD to trade in a 0.5540/0.5650 range.’ We did not anticipate the resurgence in momentum, as NZD soared above 0.5650, reaching a high of 0.5682. NZD is likely to continue to rise, potentially reaching the major resistance at 0.5750. We will maintain our positive NZD view as long as 0.5600 is not breached.”

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.

AUD/USD stuck as the RBA talks tough into a slowdown

The Australian Dollar is going nowhere in a hurry, and the contradiction at its core explains why. The Reserve Bank of Australia keeps dangling the prospect of another hike, yet the economy it governs just expanded 0.3% in the first quarter, a clear step down from the prior pace. A central bank threatening to tighten into a visible slowdown is not a recipe for conviction in either direction, and the tape shows it.

USD/JPY: Japanese Yen coiled at the line, leaning on everyone but Japan

The Yen is doing very little, and that stasis is the whole story. USD/JPY sits glued near 160.00 not because Japan has found new strength, but because two outside forces are fighting to a draw over it: a US rate complex that keeps the dollar bid, and a Ministry of Finance that refuses to let the line break.

Gold declines below $4,500 on stalled US-Iran ceasefire talks, US NFP data looms

Gold price edges lower to near $4,470 during the early Asian session on Friday. The precious metal remains volatile amid ongoing geopolitical turmoil. Traders will closely monitor the developments surrounding the US-Iran peace deal and the US May employment report later on Friday.

Bitcoin falls below $64K as demand turns negative, short-term holders' selling intensifies

Bitcoin has fallen below $64,000 on Thursday amid weakening market demand and mounting selling pressure from short-term holders. The leading cryptocurrency slipped toward the $63,000 level amid a broader risk-off environment, with several key metrics signaling one of the most challenging periods of the current market cycle.

Nonfarm payrolls: Testing the limits of Fed policy patience

The upcoming nonfarm payrolls report for May will provide the final update on the US labor market before Kevin Warsh attends his first policy meeting as the new Fed Chair later this month.

Recession on paper: What really moves the Canadian Loonie now?

Statistics Canada handed the headline writers a gift and the analysts a headache. Real GDP shrank 0.1% on an annualized basis in the first quarter, and with the fourth quarter of 2025 revised down to a 1.0% contraction, that is two negative quarters in a row, the textbook definition of a technical recession and Canada's first since the pandemic.