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NZD/USD cautiousness prevails – Westpac

FXStreet (Edinburgh) - Strategists at Westpac Global Strategy Group keep the cautious tone in the kiwi for the current week.

Key Quotes

“We retain a negative bias for the week ahead, but cautiously so”.

NZD/USD experienced a stunning 13% fall in September, and is now technically oversold”.

“Admittedly it can remain stretched for some time, but at the very least there is a warning a correction looms”.

“Such a correction may well be shallow (to 0.8000), given local fundamentals do not yet point to a sustained period of strength - milk prices continue to dive (a four year low reached at last week’s auction), inflation remains low and the RBNZ is likely to remain on hold until mid-2015 but will continue to threaten NZD intervention”.

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