NAB discusses NZD/USD technical outlook and maintains a medium-term bearish bias.
The MT downtrend remains beyond question. MT momentum does however imply limitations to the decline. The recent low in price and thus implies that further new lows may struggle to hold. While weekly closes remain below 0.6480 the MT downtrend remains in play," NAB notes.
"We anticipate NZDUSD breaking the multi-year low at 0.6378 in the coming one to two weeks and will watch trend channel support around 0.6335 for signs of an interim base," NAB adds.