NZD/USD: Likely to consolidate between 0.6040 and 0.6080 – UOB Group

FXStreet Insights Team FXStreet

New Zealand Dollar (NZD) is likely to consolidate between 0.6040 and 0.6080 against US Dollar (USD). In the longer run, NZD is likely to test the 0.6090 level; it is too early to determine if it can break clearly above this level, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

NZD is likely to test the 0.6090 level

24-HOUR VIEW: "NZD climbed to a high of 0.6075 last Thursday before easing. When NZD was at 0.6060 on Friday, we highlighted that 'there is room for NZD to edge above 0.6075.' However, we were of the view that 'the major resistance at 0.6090 is likely out of reach.' NZD then edged to a high of 0.6077 before easing off to close at 0.6054 (-0.07%). NZD appears to have moved into a consolidation phase, likely between 0.6040 and 0.6080."

1-3 WEEKS VIEW: "In our most recent narrative from last Thursday (26 Jun, spot at 0.6055), we indicated that NZD 'is likely to test the 0.6090, but it is too early to determine if it can break clearly above this level.' While upward momentum has increased somewhat, it is still too early to determine if it can break above 0.6090. On the downside, should NZD break below 0.6000 (no change in ‘strong support’ level), it would indicate that 0.6090 is out of reach."

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 remains weaker as UK-US yields narrow

GBP/USD extends its losses for the second consecutive day, trading around 1.3450 during the Asian hours. The pair depreciates as the British Pound softens even as United Kingdom political risk fades.

EUR/USD weakens amid Middle East tensions

EUR/USD extends its losses for the second consecutive day, trading around 1.1520 during the Asian hours. The currency pair faces downward pressure as the US Dollar gains strength, propelled by renewed safe-haven demand among global investors.

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.

Bitcoin under pressure, Ethereum trades sideways, Ripple gravitates toward $1

Bitcoin and Ethereum remain under pressure after mild gains, while Ripple slides over 5% so far this week. BTC faces rejection near a key resistance barrier, and ETH has been trading sideways for the last 22 days. At the same time, XRP is gravitating its correction toward the key $1 support zone.

Markets question Fed's inflation resolve after July FOMC meeting

Federal Reserve Chairman Kevin Warsh continues to project a tough stance on inflation, repeatedly promising to restore price stability and keep inflation anchored at the central bank's longstanding 2% target. But according to Mike Maharrey in this week's Money Metals Midweek Memo, markets are beginning to judge the Fed by its actions rather than its rhetoric—and so far, they aren't convinced.

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.