NZD/USD: Scope for a climb to the 0.7317/24 zone – Credit Suisse
|NZD/USD is rebounding from 0.7090/69. Economists at Credit Suisse look for a close above key downtrend resistance at 0.7141 next to open up 0.7317/24.
Important support seen at 0.7001
“Our bullish view is based on our assessment that the recent breakout above 0.7090/69 confirmed a large basing structure and an important range breakout. Furthermore, short-term momentum continues to accelerate higher.”
“Next resistance above the downtrend from the 2021 highs at 0.7141/71 is seen at the 61.8% retracement of the 2021 fall at 0.7211/15, with scope for an eventual move to 0.7317/24.”
“Support stays at the aforementioned 0.7090/69, where we recently turned tactically bullish. The next level below here is seen at 0.7035, then 0.7001/86, below which would negate the base and instead suggest further choppy sideways ranging.”
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