The New Zealand dollar has been under a lot of pressure lately but still fights for $70. Is it destined to drop even further? Here is the view from NAB:
Here is their view, courtesy of eFXdata:
NAB Research discusses NZD/USD technical outlook and flags a bearish signal targeting a move towards 0.68 over the coming weeks.
“The April failure completed the largest down month of 2018 and most aggressive rejection of the 50-month MA in this time. The month end close, at the bottom of a 360 pip monthly range, leaves us with no doubt about the sustainability of the MT downtrend.
Bounces have continued to fail below MT range highs at 0.7400/0.7550, shifting our focus back towards the bottom of the MT range around 0.6800,” NAB argue.
For lots more FX trades from major banks, sign up to eFXplus
By signing up to eFXplus via the link above, you are directly supporting Forex Crunch.
Share
