NZDUSD Eyes Sub-0.63

by Ashraf Laidi

Jul 2, 2009 13:15

Further downside room for NZDUSD remains despite 200-pt loss over past 3 days. Latest weakness in NZD data and the RBNZs reluctance to intervene, combined with deteriorating internals for US and emerging market equity indices, spells prolonged selling towards TL support of 0.6260, a break of which may call up 0.6170s. NZDJPY also appears vulnerable, suggesting 60.70 and 59.80 targets. Renewed talk from Chinese officials demanding G8 to discuss a new reserve currency will continue to weaken the US currency and provide some support for NZDUSD but the risk foundation in the markets appears increasingly NZD-negative. Upside capped at 0.6430s.

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