Sees strong technical support in the 0.6800-6900 zone

NAB Research sees limited scope for further downside from the current levels according to a post on eFX Plus.

"We still see strong technical support in a 0.68 – 0.69 zone. Fundamentally, the NZD doesn't deserve to go lower than that, with our short-term model estimate still holding up around the 0.72 Mark.

Clearly, we can't rule out a break of the lower edge of that support zone with the Kiwi-bears gathering and the USD still possibly in a mood to recover. But the more the NZD falls, the further moves away from fundamental", NAB argues.

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You can read my technical view on the NZDUSD here.

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