All eyes on the kiwi, trading at 0.6556

First appeared on eFXplus on Dec 05 - 12:45 PM

NAB discusses NZD/USD technical outlook and flags a scope for an extended bullish breakout.

"Q4 2019 uptrend is accelerating with the break of key resistance at 0.6450/80. Bullish breakout in the weekly RSI adds further uptrend confirmation," NAB notes.

"MT and LT momentum indicators are decisively positive. The break of the 2018/2019 triangle in the weekly RSI confirms the most aggressive positive MT momentum shift of 2018/2019.

We anticipate a challenge of 0.6610/20 in the coming weeks. Weekly close above 0.6610 will initially target 0.6775/00 with scope to target 0.6900+ MT," NAB adds.

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