NZD/USD placed at the highest level since late Feb.

Haresh Menghani FXStreet

After yesterday's corrective dip, the NZD/USD pair regained traction on Tuesday and extended its up-move further beyond the 0.7200 handle.

The latest leg of up-move could be solely attributed to subdued action around the US treasury bond yields that failed to extend any support to the US Dollar but was seen benefitting higher-yielding currencies - like the Kiwi.

Currently placed at the highest level since late Feb., around 0.7225-30 region, it remains to be seen if the pair is able to build on the up-move or runs through fresh supply at higher levels amid firming expectations for an eventual Fed rate-hike action on Wednesday.

Apart from the much awaited FOMC decision, investors this week will also reaction to a slew of macroeconomic releases, including the latest inflation figures, monthly retail sales data from the US, followed by NZ quarterly growth numbers.

Today's US economic docket features the release of PPI print for May and would be looked upon to grab some short-term trading opportunities.

• New Zealand: When does political risk kick in? - AmpGFX

Technical levels to watch

Immediate resistance is pegged near 0.7240-45 area, above which the pair seems all set to aim towards surpassing the 0.7300 handle with some intermediate resistance near 0.7275-80 region.

On the flip side, retracement back below 0.7215-10 area now seems to strong buying interest near 0.7195-90 region, which if broken could drag the pair below 0.7170 level towards testing its next support near 0.7145 area.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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.