NZD/USD: to penetrate the 0.73 handle again?
|Currently, NZD/USD is trading at 0.7284, down -0.05% on the day, having posted a daily high at 0.7291 and low at 0.7284.
NZD/USD is awaiting the trade balance coming up within the hour and has been on the backfoot since being capped at 0.7310 in the US session. Depending on the data, on a positive surprise, there is potential to test the June high of 0.7320, suggested by analysts at Westpac.
Forex today: dollar better bid despite lower yields
NZD/USD 1-3 month:
The analysts at Westpac explained that the Fed’s tightening cycle plus US fiscal expansion should eventually reassert upside pressure on US interest rates and the US dollar, pushing NZD/USD below 0.6800 by year end. "US factors should outweigh local factors which are mostly supportive."
NZD/USD levels
NZD/USD managed a score through the 0.7280 level again but fell shy of the recent 0.7318 high. On a continuation of the bid, there is scope for 0.7374 being the high for 2017. To the downside, 0.7250/80 area guards 0.7200 guards 0.7145 and a break back below 0.7080/90 are key near-term downside areas. On the wide, the 0.7375 YTD highs are a key target to the upside and to the downside, a break below 0.7080/00 opens 0.6970.
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