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NZD/USD remains bearish – Westpac

FXStreet (Edinburgh) - Analyst Imre Speizer at Westpac keeps the bearish outlook on the NZD/USD, now targeting 0.7915.

Key Quotes

“We have reached our year-end target of 0.8000 much earlier than expected but remain bearish”.

“Channel support dating from November 2011 is currently at 0.7915, this being our next downside target”.

“Should that break down, then the implications are dire”.

“However, we’ll refrain from overly pessimistic forecasts for now, given how stretched the US dollar rally is”.

“The dovish shift by the RBNZ has been fully priced into rates markets, so it’s hard to see carry dropping too much further”.

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