NZD/USD stays focused on 0.6380 – UOB

Pablo Piovano FXStreet

FX Strategists at UOB Group noted NZD/USD could weaken to 0.6380 ahead of 0630 in the next weeks.

Key Quotes

24-hour view: “We highlighted yesterday that we ‘continue to detect a soft underlying tone but for today, this would likely translate into a lower trading range of 0.6390/0.6445’. NZD subsequently traded within a narrower range than anticipated (between 0.6405 and 0.6442). Indicators are mostly flat and NZD could continue to trade sideways for now, likely between 0.6400 and 0.6450.”

Next 1-3 weeks: “There is not much to add to our latest narrative from last Thursday (25 Jun. spot at 0.6420). As highlighted, if NZD closes below 0.6380, it could weaken further to 0.6320. The prospect for such a move has ticked up but is still not high. Overall, only a break of 0.6480 (‘strong resistance’ level previously at 0.6510) would indicate the downside risk has dissipated.”

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.