The NZD / USD is pressing again against the 0.6942 / 45 resistance and Credit Suisse analysts expect a clear breakout in due time, with the next key level at 0.6970.
Key statements:
“The NZD / USD is making another attempt at key 2019 resistance and recent highs at 0.6942 / 45. Although we could see another cap here again, with a major base in place, as well as the recently completed bullish ‘triangle’; we maintain a bullish bias and look for an eventual break ”.
“Beyond 0.6945 we would see the December 2018 high at 0.6970 below, where we would expect to see another pause.to. The breakout here in due course should subsequently see an acceleration of the bullish momentum, to the June 2018 high at 0.7054 / 60 and eventually at 0.7111 / 58”.
“First support is seen at 0.6905, then 0.6879 / 62, below which would trigger a correction back to the neckline at 0.6811 / 6796. While not our base case, the breakout of 0.6811 / 6796 would suggest an even deeper correction to the downside and see a move back to 0.6753 / 46, ahead of 0.6679 / 75, which would ideally hold if hit. ”
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