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Thomson Reuters
Oct 03 - 01:24 PM
NZD/CAD: On Alert For Any Signs Of A Bottom But A Break Of 0.8193 Negates - NAB
First appeared on eFXplus on Oct 03 - 09:15 AM

NAB discusses NZD/CAD technical outlook and flags a scope for a bottom formation as prices approaches multi-year lows at 0.8193.

"The interim downtrend (series of lower highs/lower low) made aggressive new lows this week.

Only a break above 0.8696 will truly break the interim downtrend structure. We are on alert for any sign of a bottom as price approaches multi-year lows at 0.8193. A bullish price pattern on daily charts will imply that a material correction is pending," NAB argues. 

"Only a break of 0.8193 will confirm a break of the LT uptrend in favour of a sustainable multi-year decline," NAB adds. 

NAB Research/Market Commentary


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