NZD/USD - Market Overview

NZD/USD saw modest gains, but upside momentum remained limited as market sentiment stayed cautious amid renewed tariff threats from Trump ahead of the February 1 deadline.

On Thursday, President Trump stated he would soon decide whether to exempt Canadian and Mexican oil imports from the 25% tariffs set to take effect on Saturday.

He also reiterated that additional tariffs on Chinese goods remain under consideration due to concerns over China's role in the fentanyl trade.

As of (GMT 06:09), the Kiwi dollar was up 0.19%, trading at 0.5646 against the U.S. dollar.

Key technical levels:

Resistance: Immediate resistance is seen at 0.5673 (38.2% Fib); a break above this level could drive the pair towards 0.5720 (50% Fib).
Support: The nearest support is at 0.5630 (38.2% Fib), with a break below exposing downside potential towards 0.5573 (23.6% Fib).

📉 Trade Setup:
🔹 Sell around 0.5660
🔹 Stop-loss: 0.5700
🔹 Target: 0.5550