NZD/USD has broken its long-term uptrend and is expected to fall further, according to analysts at Credit Suisse.
Key quotes
“Weakness in NZD/USD is seeing a temporary pause, but we remain biased lower over the medium-term, in line with a newly completed minor top, the large bearish ‘outside week’, bearish ‘triangle’ continuation pattern and break of the long-term uptrend from 2001.”
“We look for the downswing to resume in due course, with support seen initially at 0.5778, removal of which would see support then at the current year-to-date low at 0.5470.”
“Resistance at 0.6113/0.6204 ideally caps any corrective bounce higher.”
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