NZD/USD could extend the upside bias once 0.6365 is cleared, note FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang.
24-hour view: “We expected NZD to ‘trade within a range of 0.6240/0.6320’ yesterday. However, NZD rose to a high of 0.6352 before closing on a firm note at 0.6332 (+0.66%). Further NZD strength is not ruled but as upward momentum is not exactly strong, a break of 0.6365 is unlikely. Support is at 0.6310 followed by 0.6290.”
Next 1-3 weeks: “Yesterday (01 Aug, spot at 0.6290), we shifted from a positive to neutral view on NZD and expected it to trade between 0.6210/0.6340. We did not expect the rapid manner by which NZD rose above 0.6340 (high of 0.6352). Shorter-term upward momentum has improved somewhat but NZD has to break 0.6365 first before further advance is likely. The chance for NZD to break 0.6365 would remain intact as long as it does not move below 0.6260 within these couple of days. Looking ahead, the next resistance above 0.6365 is at 0.6395.”
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.
Follow us on Telegram
Stay updated of all the news
AUD/USD tumbles to breach 0.6500 as poor China's PMI offsets upbeat Aussie data
AUD/USD is seeing intense selling pressure and breaches 0.6500 after the Chinese NBS Manufacturing PMI sank further into contraction in May. Investors shrugged off hot Australian inflation data and strong Construction Work figures amid resurfacing China economic worries.
EUR/USD buyers flirt with resistance-turned-support near 1.0730
EUR/USD remains sidelined around 1.0730-35 as bulls seek more clues to extend the previous day’s recovery from a 10-week low amid Wednesday’s sluggish Asian session. The Euro pair portrays the market’s anxiety as the key European/US data and events stand ready to prod the market’s momentum.
Gold: Softer US Dollar underpins rebound, focus on US politics, employment data
Gold keeps the previous day’s corrective bounce off a short-term key support while making rounds to $1,960 amid Wednesday’s Asian session. The precious metal portrays the market’s sluggish mood ahead of the key United States data/events as XAU/USD bears run out of steam.
New SHIB investors bring deposits to the network but fail to trigger a rise in Shiba Inu price
Shiba Inu price is still facing consolidation after nearly a month of no major gains, and it seems like this might be the case for a while. Even though the network is observing bullish interest from new investors, the lack of bullishness from existing SHIB holders might act as a barrier to recovery.
Debt ceiling deal keeps dollar locked in devaluation spiral
Fiscal hawks weren't optimistic when Kevin McCarthy was elected Speaker of the U.S. House. The California Republican's track record was dismal when it comes to spending restraint. Nearly 5 months into his term, it is now apparent McCarthy has no intention of holding the line against government expansion.