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Oct 10 - 01:24 PM
NZD/USD: Awaiting A Bullish Confirmation Upon A Daily Close Above 0.6349 - NAB
First appeared on eFXplus on Oct 10 - 11:45 AM

NAB discusses NZD/USD technical outlook and adopts a neutral bias in the near-term.

"Since breaking below key MT support (now resistance) at 0.6480/90 in August, price has maintained a MT downtrend structure of lower highs and lower lows. Only above the recent high at 0.6349 will the downtrend structure be broken...ST momentum has failed to confirm the October low of 0.6204, approximately 1% above the 10 year range low of 0.6130," NAB notes. 

"Confirmation of a sustainable multi-week uptrend will be complete upon a daily close above 0.6349 and coincident break above 50 in the daily RSI. This will target a retest of 0.6480/00," NAB adds. 

Source:
NAB Research/Market Commentary

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