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Thomson Reuters
May 31 - 05:00 PM
NZD/USD: S/T Consolidation Below Broken M/T Range; Where To Target? - NAB
First appeared on eFXplus on May 31 - 12:45 PM

NAB discusses NZD/USD technical outlook and maintains its 1-month target at 0.6435, and 3-month target at 0.6250.

"It is notable that 3 of the past 4 weeks have produced bounces into the weekly close, however the downtrend has continued to extend. Prominent negative MT momentum triggers in Q2 confirmed the decline into a new lower MT range. This bias compliments the multiple negative LT momentum triggers produced in 2019," NAB notes. 

"Since late 2016 NZD/USD has trended lower in a perfect parallel downtrend channel. The base of the channel is currently at 0.6250/70 and provides an excellent MT target," NAB adds. 

Source:
NAB Research/Market Commentary

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