NZD/USD: Break above key resistance at 0.7266/87 introduces scope for 0.7353 next – Credit Suisse

FXStreet Insights Team FXStreet

NZD/USD turns bullish after the break above resistance at 0.7266/70. The next levels to watch are seen at 0.7353, then the 0.7465 high, economists at Credit Suisse appraise.

NZD/USD breaks above key resistance at 0.7266/87, turning the risks higher

“NZD/USD broke above important resistance remains at the 0.7266/87 highs, which resolves the range to the upside and reasserts the broader uptrend. Next resistance is seen at 0.7300/16, which is stalling the market slightly this morning, then the 78.6% retracement of the Q1 fall at 0.7353, where we would expect another pause.

“The latest breakout though suggests scope to eventually test the important 0.7465 2021 highs, with long term resistance from the 2017 highs not far above at 0.7555/65.”

“Near term supports move to 0.7270, then 0.7214/04, below which would negate the latest breakout and suggest the market is instead still in a choppy range trading phase. The next level below here is seen back at the0.7122/16 lows.”

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FXStreet Insights Team

FXStreet

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