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Forex Flash: NZD/USD near-term downside compelling - BNZ

FXstreet.com (Barcelona) - According to Mike Jones, head of currency analysts at Bnak of New Zealand, "we are medium-term NZD/USD bulls, but nonetheless find the near-term downside compelling."

Mike adds: "Not only are market participants becoming more concerned about a second quarter slowdown in global growth, but the NZD remains susceptible to an adjustment in ‘extreme’ speculative positioning. The latest IMM data shows net NZD longs, at 27.7k, are nearly three times the long-run average."

"There is a huge amount of event risk this week, with the potential for NZD volatility far higher than usual" Mr, Jones concludes.

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AUD/USD trades in narrow range as consolidation continues

The AUD/USD finished the Friday session down 16 pips at 1.0277. Price action remained volatile throughout the day, with the pair trading as high as 1.0336 and as low as 1.0261. The pair is currently trading up 7 pips at 1.0285, with the majority of markets remaining fairly quiet with both China and Japan closed.
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