According to Imre Speizer, this three-week old upward correction should extend a bit further, 0.7120 being a 50% retracement of April’s decline.
Key Quotes
“The recent rise is mostly a reflection of a stalled USD, some piggy-backing on AUD’s performance, and a more risk seeking mood lately.”
“Looking ahead, this upward correction should expire during the month ahead. NZ’s economy should post slightly less impressive growth during the quarters ahead, as a slower housing market dents consumption.”
“In addition to less domestic support for the NZD, further gains in US interest rates and the USD should help push NZD lower to 0.67 by year end.”
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