Sell NZD/USD at 0.6705 – Westpac
Updated
Analysts at Westpac are recommending to sell NZD/USD pair at 0.6705 levels for the target price of 0.6500, while maintaining trailing a stop loss of 0.6800.
Key Quotes
“Rationale:
*Markets are pricing 20bp of easing in August, and 42bp by November, implying markets should fall further if our forecasts prove correct.
*NZ-US yield spreads have explained much of the NZD’s recent gains, but they should soon become a headwind: markets have priced in plenty for the Fed (100bp) but arguably not enough for the RBNZ.
*Technically, NZD/USD’s 3c rise since May looks corrective, and may be giving way to a revisit of May’s 0.6500 low.”
fxstreet.com/news/sell-nzd-usd-at-06705-westpac-201907250853
Above is the link to the original article. Shall there be any updates i will post them in the thread below.
INSTANT ENTRY AT AROUND: 0.6700 LEVEL
STOP LOSS: 0.68000
TAKE PROFIT: 0.65000
RR: 1:1.9
TYPE: SHORT
Key Quotes
“Rationale:
*Markets are pricing 20bp of easing in August, and 42bp by November, implying markets should fall further if our forecasts prove correct.
*NZ-US yield spreads have explained much of the NZD’s recent gains, but they should soon become a headwind: markets have priced in plenty for the Fed (100bp) but arguably not enough for the RBNZ.
*Technically, NZD/USD’s 3c rise since May looks corrective, and may be giving way to a revisit of May’s 0.6500 low.”
fxstreet.com/news/sell-nzd-usd-at-06705-westpac-201907250853
Above is the link to the original article. Shall there be any updates i will post them in the thread below.
INSTANT ENTRY AT AROUND: 0.6700 LEVEL
STOP LOSS: 0.68000
TAKE PROFIT: 0.65000
RR: 1:1.9
TYPE: SHORT
Trade closed: target reached
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