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.