NZD/USD has completed a clear bullish “pennant” pattern following the break above 0.7272, which suggests a move to 0.7353. The next target would be seen at the 0.7465 level, the Credit Suisse analyst team reports.
See: NZD/USD to see considerable gains toward 0.78 as RBNZ signals policy tightening – CE
Support is at 0.7151
“A closing break above early March highs at 0.7306 and the new bullish pattern should reassert the broader uptrend, with the next resistance seen at the 78.6% retracement of the Q1 fall at 0.7353, where we would expect another temporary pause.”
“The ‘measured objective’ to new bullish pattern suggests a move towards the 0.7465 high.”
“The market should now ideally hold above 0.7272 and certainly above 0.7151/38 to maintain the new bullish pattern. Below here would leave the market back trapped in a range.”
“Only below 0.7153/49 would hint at a more bearish setup.”
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