NZD/USD expected to reach 0.62 by year end – Westpac
By FXStreet Imre Speizer, Strategist at Westpac Global Strategy Group, notes that their in-house fundamentals-based year-end forecast for NZD/USD is 0.62, although Imre adds that based on technicals, the chart presents a potentially more bullish outlook.
Key Quotes
“Our fundamentals-based year-end forecast for NZD/USD is 0.62. Technicals, however, present a potentially more bullish outlook.”
“Since bottoming in Sep at 0.6237, NZD/USD has been in a contracting range. The boundaries are currently at approximately 0.6400 and 0.6900.”
“This pattern is taking the shape of an ascending triangle, which is usually a bullish formation.”
“Confirmation requires a break above 0.6900. If that occurs, there is
potential for a rally into the low 0.70s.”
“If 0.6900 holds, then we will look for a continuation of the range
and the possibility of a downside test instead.”
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Source:: FX Street
