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Forex Flash: NZD/USD with a downside bias this week - BNZ

FXstreet.com (Barcelona) - For this week, in view of Mike Jones, currency strategist at Bank of New Zealand, "general sentiment towards the USD will be the most important driver of the NZD/USD", adding that "whether or not the greenback’s rally continues will largely depend on the relative strength of some key US data, with today's retail sales the first cab off the rank."

Technically speaking, "negative momentum and the convincing break below 0.8360 leaves us with a downside bias for the NZD/USD this week" Mike says, although he doubts a sustained downtrend will evolve. Mike concludes: "Support in the 0.8160-0.8200 region should hold. Not only is it too early to expect sustained USD gains, but NZ-US relative fundamentals remain strong."

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