NAB discusses NZD/USD technical outlook and flags a scope for further gains in the near-term ahead of 0.6680.
"The break of previous 2019 range lows at 0.6575/80 delivered a test towards our one-month target (low of 0.6482), however this indecisive downside breakout has now completed a triple bottom, highlighting strong support at 0.6480/00," NAB notes.
"ST momentum bias has shifted to positive, confirming further short squeeze risk. MT momentum has shifted to a neutral bias confirming a necessary pause in the well-established downtrend. We anticipate a short squeeze being capped in the May/June 0.6480/0.6680 range before the MT downtrend again takes hold," NAB adds.