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

Eren Sengezer FXStreet

"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."

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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