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NZD/USD outlook neutral this week - Westpac

FXStreet (Bali) - According to Imre Speizer, FX Strategist at Westpac, this old consolidation between 0.8415 and 0.8515 may persist this week.

Key Quotes

"The decline in NZD/USD, which started on 10 July from 0.8836, has been only briefly punctuated by shallow corrective bounces, suggesting a more emphatic bounce is due. Certainly selling momentum has slowed, and that, plus an expectation that the 0.8400 level below will be tough to break, warn against establishing fresh shorts here."

"Shorts in the 0.8500-0.8600 area are attractive, though, given little movement expected in NZ interest rates while the RBNZ is on hold this year and still falling dairy prices. We continue to target 0.8200 by year end."

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