NZD/USD has failed at the 2021 downtrend at 0.7138 and is likely to see some near-term weakness. However, the longer-term chart implies that the kiwi’s long-term bull trend is still intact, according to Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank.
The long-term trend is bullish
“A break above the downtrend at 0.7138 is eventually favoured and will target the 0.7465 2021 high.”
“NZD/USD is above the 55-month ma and the MACD is above zero – it suggests further long-term strength.”