NZD / USD remains trapped in its range between 0.7103 / 7115 and support at 0.6910 / 6880, Credit Suisse analysts explain, who see a bearish break more possible.
Key statements:
“The NZD / USD is hovering in the middle of its range right now after the recent rejection of its 55-day average, now at 0.7051, with more significant resistance still seen at the July high, the 200-day average and the 38.2% retracement of the February / July drop at 0.7103 / 15. “
“We remain biased towards a move deeper into the range, with support seen below at 0.6952 / 46, below which it would open the lower range between 0.6910 / 6901 and the low of this year at 0.6880. “
“Below the low of the current year 0.6880 it is necessary to confirm a significant downward trend change, with the following support that is then seen at a lower level of retracement at 0.6861, and finally 0.6703 / 00.”
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