NZD / USD fell sharply to the bottom of its range on Friday, but remained above key support at 0.7115 exactly, Credit Suisse analysts note. They warn that a break below would confirm a ceiling.
Key statements:
“The NZD / USD fell sharply on Friday, moving directly to the bottom of its range to test key support at 0.7115., below which it would complete a top within the range and confirm a bearish move within the broader range of 2021. “
“With the daytime MACD now crossing below zero, the next key support is seen at the 200-day average at 0.7033, which could prove to be a difficult barrier at first. However, the potential “measured upper target” suggests that we could fall below here if the pattern confirms, and the next support is seen at the lows of the 0.7003 / 6996 correction. “
“Short-term resistance remains at 0.7244 / 50. TOUp here it would complete an intraday base and raise bullish risks, with next resistance at 0.7289, then 0.7306 / 17 ”.
“Above the 0.7306 / 17 level and then the important retracement resistance at 0.7353 would resolve into a higher range and reassert the central uptrend for a move to the 2021 high at 0.7465.”
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