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The NZD/USD pair has held above the 0.7170 uptrend from the 2021 lows – which maintains a mild upward tilt for a move back to 0.7306, analysts at Credit Suisse appraise.

Kiwi keeps a mild upward tilt in place

“The break above resistance at 0.7180 should relieve the downward pressure and confirm that the uptrend has held, with next resistance thereafter at 0.7245/47, then the recent highs at 0.7306/16, which recently stalled the market, before the 78.6% retracement of the Q1 fall at 0.7353, where we would expect another pause.”  

The next supports below 0.7146/34 are seen at 0.7122/15, with a break below here needed to turn the risks lower for a move back to the 0.7004/6997 lows, with the 200-day average just below at 0.6970.”

 

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