NZD/USD: Monthly Close Below 0.7018 Will Complete A Decisive Bearish MT/LT Reversal Pattern – NAB


What is the technical outlook for NZD/USD?

Here is their view, courtesy of eFXdata:

NAB Research discusses NZD/USD technical outlook and highlights the importance of the monthly close below 0.7018 for directional bias.

“Our focus this week is on the monthly close. Below 0.7018 will complete a decisive bearish MT/LT reversal pattern. Such a pattern would confirm a minimum downside target of 38.2% of the one-year uptrend at 0.6703. ST and MT momentum bias remains comprehensively negative.

“Friday’s upswing confirms short squeeze risk that should not exceed the previous 2021 low around 0.7100. A month-end close below 0.7018 will confirm that the recent downtrend is sustainable MT,” NAB adds.

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Kenny Fisher - Senior Writer A native of Toronto, Canada, Kenneth worked for seven years in the marketing and trading departments at Bendix, a foreign exchange company in Toronto. Kenneth is also a lawyer, and has extensive experience as an editor and writer.