NZD/USD: Clear break above 0.5665 is unlikely – UOB Group

FXStreet Insights Team FXStreet

There is scope for New Zealand Dollar (NZD) to test 0.5665; a clear break above this level is unlikely. In the longer run, weakness in NZD has stabilized; for the time being, it is likely to trade in a range between 0.5605 and 0.5695, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Weakness in NZD has stabilized

24-HOUR VIEW: "NZD dropped to a low of 0.5607 last Friday and then rebounded. Yesterday, we pointed out that 'the rebound amid slowing momentum and oversold conditions suggests that instead of declining today, NZD is more likely to trade in a range, probably between 0.5610 and 0.5645'. NZD subsequently traded within a higher range of 0.5620/0.5651 before closing at 0.5647 (+0.35%). Upward momentum is starting to build, but it is not sufficient to indicate a sustained rise just yet. That said, there is scope for NZD to test 0.5665. We do not expect a clear break above this level, and we also do not expect the next resistance at 0.5695 to come under threat. Support levels are at 0.5630 and 0.5620."

1-3 WEEKS VIEW: "Last Wednesday (05 Nov, spot at 0.5645), we highlighted that 'downward pressure has increased, and NZD could weaken to 0.5600 next'. After NZD dropped to a low of 0.5607 on Friday and then rebounded, we highlighted the following yesterday (10 Nov, spot at 0.5630): 'The new low was accompanied by a positive divergence on momentum indicators, suggesting waning downside momentum. Unless NZD can break below 0.5600 within these one to two days, a breach of the ‘strong resistance’ at 0.5660 (level was previously at 0.5680) would mean that the weakness in NZD from late last month has stabilized'. NZD then rose to a high of 0.5651. Although our ‘strong resistance’ level at 0.5660 has not been breached yet, downward momentum has largely faded. As stated yesterday, the weakness in NZD has stabilized, and for the time being, we expect it to trade in a range between 0.5605 and 0.5695."

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.

DeFi hack losses drop 80% from 2022 peak as security defenses improve — Immunefi

Losses from decentralized finance exploits have fallen by 80% since reaching a record high in 2022, according to a report released by Immunefi. The report, which analyzed exploit-driven losses across major blockchain ecosystems between 2020 and 2025, found that DeFi protocol losses declined from $2.62 billion in 2022 to $534 million in 2024.

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.