Daily outlook for NZD/USD

Westpac Research notes:

NZD/USD 1 day: This minor correction targets 0.6940 today. The trade report constitutes minor event risk.

NZD/USD 1-3 month:  Our immediate target is 0.6795, being the major low formed in July 2010. Below that there's 0.6560 which was a major low in May 2010. The two main factors expected to contribute to NZD/USD weakness during the next few months are RBNZ easing (the OCR falling to 2.75% or lower) and Fed tightening (FF mid-point to rise by 25bp in September).