The NZD/USD pair found support at the 55-day average at 0.7167 and is poised for a fresh test of the crucial range highs at 0.7254/69, the Credit Suisse analyst team reports.
Key quotes
“Our bias is still to look for a move higher from here, in line with the broader medium-term uptrend and a sustained close above the aforementioned 0.7254/69 would confirm this. Thereafter, we see resistance at 0.7281/86, ahead of the psychological inflection point at 0.7300.”
“Beyond the 0.7300 level, the kiwi can see a fresh test of the current year high at 0.7306/15, where we would expect to see a first attempt to cap, but with an eventual break finally reasserting the broader uptrend.”
“Support is seen initially at 0.7204, then 0.7176, ahead of 0.7167/58, which ideally holds once more to keep the risk higher. Removal of here though would expose the early February lows at 0.7136/35, where we would expect to see another attempt to hold.”
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