NAB FX Technical Strategy Research notes that NZD/USD last week’s bearish weekly reversal was a significant failure and highlights NZD/USD’s inability to hold its uptrend.
“The impulsive nature of the downturn is evident in the ease with which major trend support at 0.7330/40 has broken.
…The reversal in price and abundant negative ST/MT momentum triggers have raised the risk of a material correction in the coming weeks.
A weekly close below 0.7330/40 will target a minimum decline towards 0.7150/0.7200,” NAB argues.
Source: NAB Research
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