NAB FX Technical Strategy Research still holding a bullish NZD/USD bias since shifting from definitively bearish to bullish in the past three to four weeks.
“The 7.5% decline from the February high now looks to be complete after bullish weekly and monthly closes in May. Fresh positive MT momentum bias helps to confirm the shift in directional bias
We target a further upswing to 0.7340/60 in the coming weeks.
Only a weekly close below 0.7046 would negate the uptrend bias,” NAB projects.
NZD/USD is trading circa 0.7215 as of writing.
Source: NAB Research
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