NZD/USD is consolidating between 0.5590 and 0.5625 – UOB Group

FXStreet Insights Team FXStreet

The price movements are likely part of a consolidation phase between 0.5590 and 0.5625. In the longer run, NZD is expected to move lower; if it breaks below 0.5565, it could decline further to 0.5540, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

NZD is expected to move lower

24-HOUR VIEW: "NZD dropped to a low of 0.5582 last Thursday. On Friday, we were of the view that 'there is a chance for NZD to test 0.5565'. We pointed out that 'a continued decline below this level is unlikely'. Our expectations did not materialise, as NZD traded within a range of 0.5581/0.5615. The price movements are likely part of a consolidation phase. Today, we expect NZD to trade between 0.5590 and 0.5625."

1-3 WEEKS VIEW: "Last Thursday (20 Nov, spot at 0.5610), we highlighted that 'given the sharp increase in downward momentum, we expect NZD to weaken to 0.5585, and potentially 0.5565'. After NZD dropped to 0.5582, we indicated on Friday that we 'continue to expect a lower NZD and if it breaks below 0.5565, it could decline further to 0.5540'. There is no change in our view. On the upside, if NZD breaks above 0.5640 (no change in ‘strong resistance’ level), it would mean that the current downward pressure has eased."

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.

GBP/USD hovers around daily lows near 1.3450

GBP/USD trades with decent losses on Thursday, revisiting the 1.3450 zone. Cable’s resumption of the selling interest comes after two daily advances in a row and follows the improved sentiment around the Greenback amid fresh concerns in the Middle East.

EUR/USD slips back to two-day lows near 1.1510

EUR/USD faces some renewed downside pressure and retests the low 1.1500s in the latter part of Thursday’s NA session. The move lower in spot comes after two daily advances in a row and follows the fresh bid bias in the US Dollar amid the re-emergence of some effervescence in the Middle East. Moving forward, US NFP data will take centre stage on Friday.

How Wall Street rigs the game [Video]

In this week’s Live from the Vault, Andrew Maguire is joined by Peter Antico and Sean Stone to discuss the Paradigm of Money - an in-depth expose of financial market corruption, from naked shorting to the two-tier system that protects Wall Street.

Dogecoin Price Forecast: DOGE sell-off seems unstoppable despite renewed retail interest

Dogecoin (DOGE) is trading under dominant selling pressure on Thursday, hovering below $0.0700, a recent support-turned-resistance level. The meme coin has shed 3% of its value in the first week of August, against a backdrop of heavier selling pressure in previous months since May highs around $0.1186.

The Fed is doing the exact opposite of what it should be doing

About the Yen: The WSJ has a front-page story about how the Fed is doing the exact opposite of what it should be doing—lending dollars to Japan to buy yen. “Put simply: America is printing dollars so Japan can buy yen.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.