NAB discusses NZD/USD technical outlook and expects further range trading in the near-term.
"The recent bearish reversal pattern completed after a failed break of multi-month highs at 0.6451, confirms that 0.6450/80 is a prominent resistance level. Inability to extend lower in the subsequent weeks confirms that the Q4 uptrend remains in play," NAB notes.
"We anticipate further range trading below 0.6450/80 / above 0.6250/00 in the coming week. Ultimately we are biased to a break above 0.6450/80 that should renew the MT uptrend bias and target 0.6620/50," NAB adds.