NZD/USD: Bearish Setup Intact If Weekly Close Remains Below 2-Year Trend Line - NAB

NAB FX Technical Strategy Research still holds the view that February’s bearish reversal in NZD/USD was significant, not only in terms of price action but also the key resistance levels that were rejected.

This, according to NAB, still justifies a bearish multi-month outlook and material reversal of the 2017 uptrend.  

"While weekly closes remain below the two-year trend line at 0.7030/50 price is in a MT downtrend and we target 0.6650/00," NAB argues. 

Source: NAB Research