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 http://feedproxy.google.com/~r/Efxnews/~3/lXRxcPaQmqU/nzdusd-low-conviction-here-weekly-close-above-07038-key-nab

from Online Forex Trading Resource
View thesource article here

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