NZD / USD is at risk of a short-term correction as the kiwi paused last week, Credit Suisse analysts warn. However, they note that the dominant uptrend remains clearly intact.
Key statements:
“The NZD / USD threatens a small top, which would be confirmed below 0.7153 / 44, which would suggest a pullback early in the quarter towards 0.7006 / 6999. However, the underlying uptrend remains clearly intact and we look for an eventual continuation to the upside after this correction. “
“An eventual break above 0.7315 would open the door to the highs of 2017 and 2018, as well as the 61.8% retracement of the entire 2014/2020 drop at 0.7438 / 7558, most likely beyond the first quarter.”
“A break to a close below 0.7006 / 00 would instead complete a stronger top and suggest a much deeper and longer correction, which is not our base case.”
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