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Thomson Reuters
Jan 30 - 09:48 AM
NZD/USD: Weekly Close Above 0.6856 To Confirm MT uptrend Targeting 0.7120 - NAB
First appeared on eFXplus on Jan 29 - 01:45 PM

NAB discusses NZD/USD technical outlook and maintains a bullish bias on a multi-months basis.

"Since bottoming in October 2018 price has produced many impulsive up weeks and incremental declines. This is typical MT uptrend structure. December/January decline has occurred above the broken downtrend and is thus deemed a correction," NAB notes. 

"Recent correction held above 0.6690/0.6710 trend support and thus maintained the MT uptrend bias. Weekly close above the 50-week MA at 0.6856 will confirm the sustainability of the MT uptrend.  MT target at 0.7120, 4 year trend resistance," NAB adds. 

Source:
NAB Research/Market Commentary

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