NZD/USD is back pressuring against the 0.6942/45 resistance and analysts at Credit Suisse look for a clear break in due course, with the next key level at 0.6970.
Key quotes
“NZD/USD is making another attempt at the key 2019 and recent highs resistance at 0.6942/45. Although we might see another cap here again, with a major base in place, as well as the recently completed bull ‘triangle’, we stay biased higher and look for an eventual breakout.”
“Beyond 0.6945 would see the December 2018 high at 0.6970 next, where we would expect to see another pause. Removal of here in due course should subsequently see an acceleration of upside momentum, up to the June 2018 high at 0.7054/60 and eventually 0.7111/58.”
“First support is seen at 0.6905, then 0.6879/62, below which would trigger a correction back to the ‘neckline’ to the large base at 0.6811/6796. Whilst not our base case, removal of 0.6811/6796 would suggest an even deeper correction lower and see a move back to 0.6753/46, ahead of0 .6679/75, which ideally then holds if reached.”
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