NZD/USD: Repeated Topside Failures: Levels & Targets - NAB

NAB FX Technical Strategy Research notes that the bearish monthly reversal pattern produced in  August 2017 remains the dominant technical factor in NZD/USD.
"This was confirmed by an LT momentum failure and negative LT momentum shift. This leaves little doubt in our minds as to the downward path of NZD/USD on a multi-month basis. In the near term, the decline has stalled at weekly Bollinger band support (0.7075/85).  The 50-week MA (0.7141) remains pivotal.
"Weekly closes about 0.7141 imply a stalled downtrend / closes below 0.7141 confirm a renewed downtrend. A weekly close below 0.7085 will trigger targets of 0.6980/00 ahead of 0.6820/70," NAB argues.