NZD/USD: Fall below 0.6589 January low would put 0.6500/0.6424 back on the cards - Commerzbank


"NZD/USD failed slightly below the December and February highs at .6970, at .6939, before briefly dropping below the February and March lows at .6744/19 to its current April low at .6666," notes Commerzbank analyst Axel Rudolph.

Key quotes

"Provided that the January 9 low at .6692 and this week’s low at .6666 continue to hold on a daily chart closing basis, an overall neutral outlook can be maintained."

"Only a stronger bearish reversal and fall below the .6589 January low would put the .6500/.6424 September and October lows back on the cards."

"Minor resistance comes in between the 55 day moving average and the mid-January high at .6814/50. Resistance above .6939/70 is seen at the June high at .7061 and also at the March 2017 high at .7091."

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