NZD/USD: Break below 0.7115 to turn the risks lower – Credit Suisse
|NZD/USD fell sharply to the bottom of its range on Friday, but held above key support at 0.7115 exactly. Only a break below here would confirm a top, according to the Credit Suisse analyst team.
Break below 0.7115 to complete an in -range top
“NZD/USD fell sharply on Friday, moving right to the bottom of its range to test key support at 0.7115, below which would complete an in-range top and confirm a move lower within the broader 2021 range.”
“With daily MACD now crossing below zero, next key support is seen at the 200-day average at .7033, which could prove a tough barrier at first. Nevertheless, the potential “measured top objective” suggests we could dip below here if the pattern is confirmed, with next support then seen at some corrective price lows at .7003/6996.”
“Near-term resistance stays at 0.7244/50. Above here would complete an intraday base and turn the risks higher, with the next resistance at 0.7289, then 0.7306/17.”
“Above the 0.7306/17 level and then the important retracement resistance at 0.7353 would resolve the range higher and reassert the core bull uptrend for a move to the 2021 high at 0.7465.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.