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NZD/USD expected to reach 0.62 by year end - Westpac

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    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."
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