NZD / USD saw another strong reversal to the upside from the 13-day exponential average, negating the recently completed bearish “reversal day” to leave the market pressing again against the crucial resistance at 0.7111, Credit Suisse analysts explain.
Key statements:
“The NZD / USD has reversed sharply higher to press against the crucial 78.6% retracement of the 2017/2020 drop at 0.7111. We maintain our bias for further consolidation early on but remain on the lookout for a clear breakout to the upside in due time and with a major base still in place, we maintain a bias to the upside in the medium term and see resistance initially at 0.7121 , ahead of the 50% retracement of the entire 2014/2020 drop at 0.7151 / 58, where we expect the market to take a breather at first. A sustained upward movement would reinforce the central uptrend and initially see resistance at 0.7200 ”.
“Support moves to 0.7090, then 0.7070, ahead of 0.7013 / 00, which ideally now holds to keep the immediate bullish bias intact. Below here, however, there could be a move back to 0.6993, initially. “
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