NZD/USD: target 0.7130 and 50% retracement of Feb/Mar decline

Analysts at Westpac offered their outlook for NZD/USD.

Key Quotes:

"NZD/USD 1 day: The next upside target is 0.7130 (50% retracement of Feb/Mar decline).

NZD/USD 1-3 month:  The Fed’s tightening cycle plus US fiscal expansion should maintain upside pressure on US interest rates and the US dollar, pushing NZD/USD down to 0.6900 or lower. Additional, and more recent, negative factors have been weaker dairy prices plus the RBNZ’s emphatic reminders it is on hold for a long time. (8 Mar)."