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Jun 11 - 11:00 AM
NZD/USD: Faces An Important Week As S/T Negative Triggers Reemerge - NAB
First appeared on eFXplus on Jun 11 - 08:48 AM

NAB discusses NZD/USD technical outlook and highlights the importance of a weekly close below 0.6575/80 for downside bias and a break above 0.6630/60 for upside bias.

"Monday completed a bearish daily reversal pattern after rejecting key resistance and implies that the downtrend bias is ready to re-emerge...If the downtrend bias is to remain in play it is important to see a weekly close below 0.6575/80 in the coming one to two weeks," NAB notes. 

"The past four sessions have produced multiple failures to maintain a break above key resistance levels at 0.6630/60.  MT momentum continues to confirm the MT downtrend structure. ST momentum returned to a negative bias this week," NAB adds. 

Source:
NAB Research/Market Commentary

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