NZD/USD: Break below 0.6385/74 to open the door for a more sustained and quicker fall – Credit Suisse

NZD/USD has broken the next major support at 0.6467. Analysts at Credit Suisse look for further weakness, with the next support at 0.6374, below which would open up 0.6231.

Immediate resistance is seen at the daily high at 0.6475

“With the RSI momentum still in an ‘oversold’ condition, we remain wary of a potential short-term corrective bounce higher, though we are biased for the 0.6385/74 level to eventually be removed.” 

“Below 0.6385/74 would open the door for a more sustained and quicker downmove to the 61.8% retracement of the 2020/21 uptrend at 0.6231/30, which we would expect to serve as a more formidable challenge for any additional downside.”

“Immediate resistance is seen at the daily high at 0.6475 and next at 0.6543/48, with a move above the 13-day moving average at 0.6586/91 needed to relieve the immediate downside.”