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.