NZD/USD: Westpac says a break below 0.73 paves the way for 0.71

Westpac expects a break below the 0.7300 by the NZD/USD pair, which should then head towards 0.7100 in the coming months.

"The NZD/USD's downward trend since the beginning of May remains intact and we are targeting a break below 0.7300 over the coming week, with a race to 0.7100 over the coming months."

"Beware, however, of the 11 June monetary policy statement by the RBNZ, as it is unlikely that the central bank cuts rates, thereby disappointing the market. We would estimate the resulting rebound to be an opportunity to sell. In July, we will have the next CPI report, which we expect at 0.3% year on year, encouraging the bears".