NZD/USD: Low Conviction Here; Weekly Close Above 0.7038 Key – NAB

NAB FX Technical Strategy Research notes that NZD/USD MT downtrend has not broken while price remains under trend resistance at 0.7060/80.

In addition, NAB notes that the emergence  of a positive MT momentum bias and potential for a bullish LT reversal pattern (month end close above 0.7005) raise a significant degree of risk to the bearish view.

As such we hold a low level of conviction at current levels. A weekly close above 0.7038 would add to the upside risk. Weekly/monthly closes will determine whether we shift to a bullish bias in the coming weeks,” NAB argues.

NZD/USD is trading circa 0.7013 as of writing. 

Source: NAB Research

The article is published by one of the foremost sources of Forex trading information. Link to the original article above.

from eFXNews

from Online Forex Trading Resource
View thesource article here


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s