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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.”