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Mar 30 - 02:55 PM

NZD/USD: Monthly Close Below 0.7018 Will Complete A Decisive Bearish MT/LT Reversal Pattern - NAB

By eFXdata  —  Mar 30 - 01:30 PM

NAB Research discusses NZD/USD technical outlook and highlights the importance of the monthly close below 0.7018 for directional bias.

"Our focus this week is on the monthly close. Below 0.7018 will complete a decisive bearish MT/LT reversal pattern. Such a pattern would confirm a minimum downside target of 38.2% of the one year uptrend at 0.6703. ST and MT momentum bias remains comprehensively negative. 

"Friday’s upswing confirms short squeeze risk that should not exceed the previous 2021 low around 0.7100. A month end close below 0.7018 will confirm that the recent downtrend is sustainable MT," NAB adds. 

Source:
NAB Research/Market Commentary

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