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
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