The NZD/USD pair is in 2-year highs after eroding the December 2018, January and March 2019 highs at 0.6939/70. The kiwi now looks at the 0.7061 2018 June high, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, briefs.
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“NZD/USD is eroding the December 2018, January and March 2019 highs at 0.6939/70 as previously forecast. Above it the June 2018 high can be found at 0.7061 and the 78.6% retracement at .7111. This is regarded as the last defence for the .7436 2018 high.”
“Minor support below the 0.6810 November 13 low is seen at the 0.6799/90 September highs and more important support at the 0.6726/16 July and October highs.”
“We will retain our bullish medium-term forecast while the cross remains above the 0.6588 current November low. Below it sits key support at the August low and September high at 0.6488/0.6799.”