Select Language

NZD/USD: Chance for NZD to test 0.5885 before stabilization - UOB Group

Breaking news

NZD/USD: Chance for NZD to test 0.5885 before stabilization - UOB Group

  • X
  • facebook
  • LINE
  • RSS

  • X
  • facebook
  • LINE
  • RSS
New update 2025.07.31 19:26
NZD/USD: Chance for NZD to test 0.5885 before stabilization - UOB Group

update 2025.07.31 19:26

There is a chance for NZD to test 0.5885 before stabilization can be expected; the next major support at 0.5845 is unlikely to come into view. In the longer run, NZD is expected to decline further to 0.5885, potentially reaching 0.5845, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

NZD is expected to decline further to 0.5885

24-HOUR VIEW: "We did not expect NZD to drop sharply to a low of 0.5889 yesterday, as we were expecting sideways trading. While conditions are oversold, there is a chance for NZD to test last month's low, near 0.5885, before stabilisation can be expected. A sustained break below this level is unlikely, and the next major support at 0.5845 is also unlikely to come into view. Resistance is at 0.5920; a breach of 0.5935 would indicate that the weakness is stabilizing."

1-3 WEEKS VIEW: "Two days ago (29 Jul, spot at 0.5970), we noted that the recent "upward momentum has faded." We also pointed out that 'there has been a tentative increase in downward momentum, and this may lead to NZD declining to 0.5940.' We underestimated the strength of the buildup in momentum, as NZD plunged to a low of 0.5889 yesterday. From here, we expect NZD to decline further to 0.5885, potentially reaching 0.5845. The weakness is intact as long as NZD holds below the 'strong resistance' at 0.5960 (level was at 0.6005 yesterday)."


Date

Created

 : 2025.07.31

Update

Last updated

 : 2025.07.31

Related articles


Show more

FXStreet

Financial media

arrow
FXStreet

FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.

Was this article helpful?

We hope you find this article useful. Any comments or suggestions will be greatly appreciated.  
We are also looking for writers with extensive experience in forex and crypto to join us.

please contact us at [email protected].

Thank you for your feedback.
Thank you for your feedback.

Most viewed

USD/MXN remains below 19.00 as Trump grants Mexico 90-day reprieve from 30% tariff hike

USD/MXN inches lower after registering gains in the previous five consecutive days, trading around 18.90 during the Asian hours on Friday.
New
update2025.08.01 15:35

Crude oil price today: WTI price bearish at European opening

West Texas Intermediate (WTI) Oil price falls on Friday, early in the European session. WTI trades at $68.75 per barrel, down from Thursday's close at $68.87.Brent Oil Exchange Rate (Brent crude) is also shedding ground, trading at $71.60 after its previous daily close at $71.68.
New
update2025.08.01 15:04

Japan's Ishiba: Continue to ask US to lower auto tariffs

Japanese Prime Minister Shigeru Ishiba said on Friday that he continues to ask the United States (US) to implement measures, including the lowering of auto tariffs. 
New
update2025.08.01 14:56

US Dollar Index hovers around 100.00, nine-week highs ahead of Nonfarm Payrolls

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, remains stronger for the seventh successive day and is trading around 100.00 during the Asian hours on Friday.
New
update2025.08.01 14:37

EUR/JPY Price Forecast: Positive view prevails near 172.00, investors await Eurozone HICP release

The EUR/JPY cross trades with mild losses near 172.00 during the early European session on Friday. The Euro (EUR) softens against the Japanese Yen (JPY) amid the tariff uncertainty surrounding the US-EU trade deal. 
New
update2025.08.01 14:28

USD/CAD Price Forecast: Sees upside to near 1.4000 while Carney criticizes Trump's tariff raise

The USD/CAD pair posts a fresh two-month high near 1.3870 on Friday. The Loonie pair strengthens as an increase in the tariff rate announced by United States (US) President Donald Trump on imports from Canada has weakened the Canadian Dollar (CAD).
New
update2025.08.01 14:16

Nonfarm Payrolls set to show hiring moderated in July as US labor market cools

A pretty wild week is coming to an end with the release of the all-important United States (US) Nonfarm Payrolls (NFP) data for July, which will be published by the Bureau of Labor Statistics (BLS) on Friday at 12:30 GMT.
New
update2025.08.01 14:00

Silver Price Forecast: XAG/USD seems vulnerable; ascending channel breakdown in play

Silver (XAG/USD) struggles to capitalize on the overnight modest rebound from the $36.20 area, or a nearly four-week low, and trades with a negative bias during the Asian session on Friday.
New
update2025.08.01 13:53

USD/INR corrects even as US-India trade tensions escalate

The Indian Rupee (INR) extends its recovery against the US Dollar (USD) for the second trading day on Friday.
New
update2025.08.01 13:45

Canada's Carney: Canadian government upset by US tariff action

Canada's Prime Minister Mark Carney said on Friday that the government is disappointed with the United States (US) on the fresh tariff rate, according to Reuters. 
New
update2025.08.01 13:43

Disclaimer:arw

All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.

The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.

  • Facebook
  • Twitter
  • LINE

Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy

I agree
share
Share
Cancel