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." For more information, read our latest forex news.