The New Zealand dollar has been under a lot of pressure lately but still fights for $70. Is it destined to drop even further? Here is the view from NAB:
Here is their view, courtesy of eFXdata:
NAB Research discusses NZD/USD technical outlook and flags a bearish signal targeting a move towards 0.68 over the coming weeks.
“The April failure completed the largest down month of 2018 and most aggressive rejection of the 50-month MA in this time. The month end close, at the bottom of a 360 pip monthly range, leaves us with no doubt about the sustainability of the MT downtrend.
Bounces have continued to fail below MT range highs at 0.7400/0.7550, shifting our focus back towards the bottom of the MT range around 0.6800,†NAB argue.
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