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Thomson Reuters
Jun 24 - 05:00 PM
NZD/USD: Triple Bottom; Risk Of Further S/T Squeeze - NAB
First appeared on eFXplus on Jun 24 - 03:00 PM

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. 

NAB Research/Market Commentary


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