NZD/USD keeps the bullish stance unchanged – UOB

Pablo Piovano FXStreet

The outlook on the Kiwi Dollar remains tilted to the bullish camp in the near term, suggested FX Strategists at UOB Group.

Key Quotes

“The sharp decline appears to have room to extend lower but 0.7095 is a very strong support and is unlikely to yield so easily (next support at 0.7070). That said, any rebound is expected to face stiff resistance at 0.7175 and the 0.7215 high seen early yesterday is unlikely to come into the picture for now”.

“The sudden and sharp swing lower yesterday certainly does not bode well for the current bullish outlook for NZD. The rapid deceleration has increased the risk of a short-term top but confirmation is only upon a break below 0.7095. Such a move would not be surprising unless NZD can reclaim 0.7200 within these 1 to 2 days”.

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 0.7126

50% Bullish
20% Bearish
30% Sideways

Bias Bullish

1 Month

Avg Forecast 0.6982

7% Bullish
79% Bearish
14% Sideways

Bias Bearish

1 Quarter

Avg Forecast 0.6831

6% Bullish
71% Bearish
24% Sideways

Bias Bearish

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 flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.