The NZD / USD maintains a shoulder head shoulder formation, say Credit Suisse analysts, who remain bearish. They estimate that below 0.6943, it could go towards the 200-day average.
Key statements:
“While we do not exclude the possibility of more short-term sideways rallies, with a large ‘head and shoulders’ top in place, as well as the day-to-day still pointing to the downside, we look for a resumption of the downtrend to its due time”.
“Below 0.6943 the door should open for a drop to the 200-day average, currently at 0.6883, where we would expect to see a pause. However, the ‘measured upper target’ is set much lower at 0.6731 “.
“Resistance moves initially to 0.6988, then to 0.7025 / 34, which would ideally limit to keep the immediate downtrend intact. Above would be exposed 0.7041 below, ahead of the neckline to the top at 0.7102, which ideally will curb any potential reversal to the upside for now. “
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