NZD/USD: May not be able to break clearly above 0.6000 – UOB Group

FXStreet Insights Team FXStreet

New Zealand Dollar (NZD) could rise further, but it may not be able to break clearly above 0.6000. In the longer run, momentum continues to suggest a higher NZD; it must first close above 0.6000 before further advances are likely, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Momentum continues to suggest a higher NZD

24-HOUR VIEW: "We noted 'a firmer underlying tone' yesterday, and we expected NZD to 'trade in a higher range of 0.5930/0.5970.' However, NZD rose sharply and reached a high of 0.5997. Today, NZD could rise further, but overbought conditions suggest that it may not be able to break clearly above 0.6000. On the downside, if NZD breaks below 0.5950, with minor support at 0.5965, it would mean that is likely to range trade instead of heading higher toward 0.6000."

1-3 WEEKS VIEW: "We have maintained the same view since last Friday (08 Aug, spot at 0.5960), in which we stated that 'upward momentum is building, but not significantly.' We expected NZD to 'edge higher,' but we pointed out that 'it is currently unclear if it can reach 0.6000.' Yesterday, in a sudden move, NZD rose sharply to a high of 0.5997. While increasing upward momentum continues to suggest a higher NZD, it must first close above 0.6000 before further advances are likely. The likelihood of NZD closing above 0.6000 will remain in place, provided that the ‘strong support’ at 0.5930 (level previously at 0.5910 yesterday) is not breached. Looking ahead, the next level to watch above 0.6000 is 0.6020."

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.

Ethereum Price Forecast: Whales absorb retail distribution as bear market nears late stage

Ethereum (ETH) large holders have been accumulating the supply of retail investors in 2026. In a report released late Wednesday, CryptoQuant analysts highlighted that the supply of the 1K-10K ETH cohort has fallen from 15.6 million ETH in January to roughly 12.9 million ETH.

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.