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The NZD/USD broke above key resistance at 0.6216/68 to turn the spotlight on the 200-day average at 0.6315, the Credit Suisse analyst team report. ANZ thinks a break of 0.63 is imminent.

Key quotes of Credit Suisse

“NZD/USD saw a sharp and closing break above the pivotal ‘neckline’ to the 2015/2020 ‘triangle’ at 0.6216 as well as key medium-term resistance at 0.6265/68. The market subsequently came to a temporary halt just ahead of the 200-day average at 0.6315, and whilst this is an important resistance and short-term consolidation should be allowed for, we now look for a break above here in due course.” 

“Above the 0.61315 200-day ma on a closing basis, would further reinforce the recent upswing, with next resistance at 0.6360, before the more important 9th March spike high at 0.6448.” 

“Support is seen initially seen at the 0.6272, then 0.6225/22, ahead of 0.6183, which now ideally holds.”