NZD/USD: Likely to trade in a 0.5940/0.6040 range for now – UOB Group

FXStreet Insights Team FXStreet

The New Zealand Dollar (NZD) could trade in a choppy manner between 0.5965 and 0.6015. In the longer run, weakness in NZD from early last month has ended; it is likely to trade in a 0.5940/0.6040 range for now, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.

Weakness in NZD from early last month ends

24-HOUR VIEW: “Last Friday, we expected NZD to trade in a range between 0.5950 and 0.5990. NZD then traded in a 0.5960/0.5999 range. It closed at 0.5962 but rose above 0.6000 in early Sydney trade today. The volatile price action has resulted in a mixed outlook. Today, NZD could continue to trade in a choppy manner, probably between 0.5965 and 0.6015.”

1-3 WEEKS VIEW: “We turned negative in NZD early last month. As we tracked the decline, in our most recent narrative from last Wednesday (30 Oct, spot at 0.5970), we indicated that ‘There is still no clear increase in downward momentum and the chance of a sustained break below 0.5950 is not high.’ While NZD subsequently dropped below 0.5950, it rebounded quickly from 0.5940. In early Sydney trade today, it rose to 0.6010. Although our ‘strong resistance’ at 0.6010 has not been clearly breached, downward momentum appears to have faded. In other words, the weakness in NZD has ended. NZD has likely entered a range trading phase and is expected to trade between 0.5940 and 0.6040 for now.”

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 clings to multi-day peaks below 1.3500

GBP/USD trades with marked gains on Friday, now giving away some gains following an earlier surpass of the key 1.3500 yardstick. Indeed, Cable gathers fresh steam amid the strong offered stance in the Greenback, all after US NFP badly missed expectations in July.

EUR/USD: Post-NFP bounce falters around 1.1580

EUR/USD reverses Thursday’s decline and trades with solid gains in the 1.1560 region, or two-month peaks, on Friday. The pair’s firm performance comes in a context of a sharp correction in the US Dollar as investors continue to assess disheartening US NFP readings.

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.

XRP Price Forecast: XRP nears critical $1.00 support

Ripple (XRP) remains pressured on Friday, trading around $1.03 at the time of writing. The token appears to hold this current level as support but lacks a catalyst to sustain a knee-jerk rebound toward the next key resistance at $1.10.

Is Gold about to enter its biggest bull run since 2020?

Gold has stormed back into the spotlight and its next move could leave late buyers chasing. On August 5, the yellow metal surged almost 7% – roughly $174 – to close near $4,308 an ounce, posting one of its biggest daily advances in recent history. A weaker U.S dollar, falling Treasury yields, changing Federal Reserve expectations and renewed safe-haven demand all struck at once.

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.