NAB discusses NZD/USD technical outlook and notes that prices have recently challenged one to two year trend support at 0.6710/30 and despite a low of 0.6688 it has failed to hold a break of this key support into a weekly or monthly close.
"As such we need to see a weekly close below 0.6710/30 and ultimately a monthly close below 0.6675 to confirm that NZD/USD is ready to take on a further material decline.
Daily Bollinger bands have been an excellent guide to key support / resistance levels in 2018. Price remains trapped between the bands. While our MT outlook remains negative, we see a break of either band setting up a sustainable interim trend (correction or trend)," NAB argues/