NZD/USD is now seen navigating a consolidative range between 0.6270 and 0.6450 in the next few weeks, suggest Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.
Key Quotes
24-hour view: “Yesterday, we held the view that NZD ‘is under mild downward pressure and could edge lower but the odds of a break of the major support at 0.6270 are not high’. NZD dipped briefly to 0.6291 before rebounding strongly to a high of 0.6365 in NY trade. While there is room for NZD to advance today, it is unlikely to break 0.6400. Support is at 0.6340, a breach of 0.6320 would indicate that NZD is not advancing further.”
Next 1-3 weeks: “Our latest narrative was from last Friday (10 Feb, spot at 0.6330) where ‘unless NZD breaks below 0.6270 in the next 1-2 days, the chances of it declining further are slim’. In NY trade yesterday, NZD rebounded strongly to a high of 0.6365. While our ‘strong resistance’ at 0.6380 is not breached, downward momentum has more or less faded. In other words, NZD is unlikely to decline further. From here, NZD is more likely to consolidate and trade between 0.6270 and 0.6450.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD flirts with 1.0500 on mixed US PMI readings
The bullish momentum remains unchanged around EUR/USD on Friday as the pair keeps its trade close to the area of multi-week highs around the 1.0500 barrier in the wake of the release of mixed results from the preliminary US Manufacturing and Services PMIs for the current month.
GBP/USD challenges recent peaks near 1.2450
GBP/USD pushes harder and puts the area of recent two-week highs near 1.2450 to the test on the back of the intense sell-off in the Greenback, while the British pound also derives extra strength from earluer auspicious prints from advanced UK Manufacturing and Services PMIs.
Gold keeps the bid bias near its all-time high
Gold prices maintain the bid tone near their record top at the end of the week, helped by the intense weakness around the US Dollar, alleviating concerns surrounding Trump's tariff narrarive, and a somewhat more flexible stance towards China.
Dogelon Mars pumps more than 85%, whales dump 128 billion coins and realize a profit
Dogelon Mars (ELON) price continues its rally on Friday after rallying more than 18% this week. On-chain data shows that ELON whale wallets realized profits during the recent surge. The technical outlook suggests a rally continuation of the dog-theme meme coin, targeting double-digit gains ahead.
ECB and US Fed not yet at finish line
Capital market participants are expecting a series of interest rate cuts this year in both the Eurozone and the US, with two interest rate cuts of 25 basis points each by the US Federal Reserve and four by the European Central Bank (ECB).
Trusted Broker Reviews for Smarter Trading
VERIFIED Discover in-depth reviews of reliable brokers. Compare features like spreads, leverage, and platforms. Find the perfect fit for your trading style, from CFDs to Forex pairs like EUR/USD and Gold.