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5 May 2015

NZD/USD targeting 0.7420 – Westpac

FXStreet (Barcelona) - According to Westpac, fundamentals, technicals and positioning signal towards a slightly negative outlook for NZD/USD for the week ahead, and hence target 0.7420 for the pair.

Key Quotes

“NZD/USD broke down last Thursday, the RBNZ’s shift in stance last Thursday the main catalyst, with bearish implications for the week ahead.”

“This week’s NZ employment report (Thu) should show a drop in unemployment from 5.7% to 5.5%. However, wage inflation will be scrutinised closely, since it is one of the conditions the RBNZ cited for easing.”

“There’s also a dairy auction (Tue) which presents downside risks given Fonterra’s recent production forecast upgrade.”

“The US data highlight will be the monthly payrolls report (Fri), advance indicators suggesting markets are vulnerable to being disappointed.”

“NZ macroeconomic factors this week mainly argue for a weaker NZD, while US factors argue for a weaker USD.”

“Positioning is a positive, speculators still rebalancing from a net short state. Technicals are arguably negative near term. Combining all the above, we tilt to a slightly negative outlook for the week. We target 0.7420 – the mid-April low.”
May 5, 2015

Aussie flies as RBA cuts, removes easing bias

Today's Asian moves in the Aussie offered one huge counter-intuitive move, as the RBA decided to cut the rate by 25bp to 2%, with AUD/USD initially selling off to 0.7790 prior to a major sort squeeze towards 0.7910 and beyond.
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May 5, 2015

GBP/USD might see further weakness below 1.5112 – CharmerCharts

Carol Harmer of CharmerCharts, believes that a GBP/USD break below 1.5112 might pave way for 1.5035/28 area.
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