NZD/USD eyes a test of 0.6150 – UOB

Pablo Piovano FXStreet

Further upside in NZD/USD could test the 0.6150 area in the next weeks, in opinion of FX Strategists at UOB Group.

Key Quotes

24-hour view: “NZD did not do much yesterday as it traded between 0.5987 and 0.6059, narrower than our expected range of 0.5950/0.6080. The price action offers no fresh clues and for today, NZD is expected to trade between 0.5970 and 0.6080.”

Next 1-3 weeks: “The recent high volatility decreased rapidly as NZD posted a daily range of 72 pips yesterday (between 0.5987 and 0.6059), the smallest 1-day range since the beginning of this month. While upward momentum is showing signs of stalling, we continue to see chance for the current recovery in NZD to extend to 0.6150. That said, the odds for a clear break of this level are not high. On the downside, a break of 0.5880 (no change in ‘strong support’ level) would indicate that the current upward pressure has eased.”

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 loses ground below 1.1850 ahead of FOMC Minutes

The EUR/USD pair loses traction near 1.1840 during the early European session on Wednesday, pressured by renewed US Dollar demand. Traders brace for the Federal Open Market Committee Minutes for signals on future rate cuts, which will be released later on Wednesday.

When is the UK CPI data and how could it affect GBP/USD?

The United Kingdom Consumer Price Index data for January is scheduled to be published today at 07:00 GMT. GBP/USD trades slightly lower at around 1.3556 as of writing. The 20-period Exponential Moving Average trends lower at 1.3593 and continues to cap rebounds. Price holds beneath this gauge, maintaining a short-term bearish bias.

Gold: Is the $5,000 level back in sight?

Gold snaps a two-day downtrend, as recovery gathers traction toward $5,000 on Wednesday. The US Dollar recovers from the overnight sell-off as rebalancing trades resume ahead of Fed Minutes. The 38.2% Fib support holds on the daily chart for now. What does that mean for Gold?

Pi Network rally defies market pressure ahead of its first anniversary

Pi Network is trading above $0.1900 at press time on Wednesday, extending the weekly gains by nearly 8% so far. The steady recovery is supported by a short-term pause in mainnet migration, which reduces pressure on the PI token supply for Centralized Exchanges. The technical outlook focuses on the $0.1919 resistance as bullish momentum increases.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Top 3 Price Prediction: Bitcoin, Ethereum, and Ripple face downside risk as bears regain control

Bitcoin, Ethereum, and Ripple remain under pressure on Wednesday, with the broader trend still sideways. BTC is edging below $68,000, nearing the lower consolidating boundary, while ETH and XRP also declined slightly, approaching their key supports.