Further strength is expected in AUD/NZD as a base is in place, economists at Credit Suisse apprise.
Key quotes
“The market has now established a base, reinforcing the recent upswing.”
“We see resistance initially at the 61.8% retracement of the 2017/2020 fall at 1.0796/98. Removal of here would then challenge the 2019 high at 1.0866, before the trend resistance from January 2019 at 1.1001, which would cap if reached.”
“Support is seen at the 55-day average and mid-April low at 1.0514/0484, ahead of the 200-day average at 1.0386, which ideally caps any correction lower.”
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