NZD/USD continues its strong upward advance, threatening to reach the May high at 0.6556/68. While below there, however, economists at Credit Suisse stay bearish over the medium-term.
Only a sustained break above 0.6556/68 would signal a false breakout
“We stay with our bearish medium-term view whilst below 0.6556/68, with only a sustained move above here threatening to negate the broader NZD/USD weakness.”
“Immediate support is thus seen at 0.6417/15 and then further below at the price low at 0.6310/.6288, a break below which is needed to weaken correction and put the market on track to retest the YTD low at 0.6227/13.”
“A stable close above the May high at 0.6556/68 would indicate a false breakout and see scope for sustained upside, with next notable resistance then seen at the 55-day moving average at 0.6684/90.”
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