Imre Speizer, Research Analyst at Westpac, suggests that the NZD/USD has been stuck in a 0.65000.6600 range since mid-October, with technicals not indicating a break in direction.
Key Quotes
“An RBNZ hawkish shift, combined with extreme short NZD positioning, suggest an upside break (targeting 0.6725) is more likely.”
“Medium term, we remain bearish, based on our Fed/US economy-based expectation that the USD will rise further, and we continue to target sub-0.6400 by year end.”
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