NZD/USD scope for a test of 0.7085 – UOB

Pablo Piovano FXStreet

According to FX Strategists at UOB Group, the Kiwi Dollar could attempt a test of the 0.7085 area vs. the buck in the near term.

Key Quotes

“We indicated yesterday that “a move above last week's peak of 0.7050 seems likely even though the major 0.7080 resistance is unlikely to be challenged for now”. NZD touched a high of 0.7056 and closed literally at the high at 0.7055. The up-move appears to have scope to extend higher but 0.7080/85 is still acting a major resistance and this level is unlikely to yield so easily”.

“We have held the same view since last Thursday wherein we expect the strong post-FOMC surge to extend higher to 0.7085. This level is near the declining trend-line and is a strong resistance and it is too early to expect a sustained break above this level (next resistance is at 0.7130). Overall, NZD is expected to stay underpinned in the coming days unless there is a drop back below 0.6990”.

	TREND INDEX	OB/OS INDEX	VOLATILY INDEX
15M	Bearish	Overbought	High
1H	Bearish	Neutral	High
4H	Slightly Bullish	Neutral	Low
1D	Strongly Bearish	Oversold	Shrinking
1W	Bullish	Neutral	Expanding
Updated Mar 21, 11:00 GMT

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 holds steady above 1.1850 in quiet session

EUR/USD stays defensive but holds 1.1850 amid quiet markets in the European hours on Monday. The US Dollar is struggling for direction due to thin liquidity conditions as US markets are closed in observance of Presidents' Day holiday.

GBP/USD flat lines near 1.3650 ahead of UK and US data

GBP/USD kicks off a new week on a subdued note and oscillates in a narrow range near 1.3650 on Monday. The mixed fundamental backdrop warrants some caution for aggressive traders as the market focus now shifts to this week's important data releases from the UK and the US.

Gold corrects lower, tries to stabilize above $5,000

Gold started the week under bearish pressure and declined to the $4,960 area before staging a modest rebound. As trading volumes remain thin with the US financial markets remaining closed on Presidents' Day holiday, XAU/USD looks to stabilize above $5,000 ahead of this week's key data releases.

Bitcoin consolidates as on-chain data show mixed signals

Bitcoin price has consolidated between $65,700 and $72,000 over the past nine days, with no clear directional bias. US-listed spot ETFs recorded a $359.91 million weekly outflow, marking the fourth consecutive week of withdrawals.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

Monero Price Forecast: XMR risks a drop below $300 under mounting bearish pressure

Monero (XMR) starts the week under pressure, recording a 4% decline at press time on Monday after a 7% drop the previous day, putting the $300 support zone in focus.