NZD/USD Expected to Reach 0.62 by Year End - Westpac

NZD/USD Expected to Reach 0.62 by Year End - Westpac

24 March 2016, 05:32
Roberto Jacobs
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NZD/USD Expected to Reach 0.62 by Year End - Westpac

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."

(Market News Provided by FXstreet)

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