NZD/USD to challenge the June high at 0.6584 – Credit Suisse

NZD/USD is posting small daily losses around the 0.6565 mark but the kiwi maintains the break above the pivotal 2014 downtrend at 0.6537. Analysts at Credit Suisse look for a rebound higher and a fresh test of the June high at 0.6584.

Key quotes

“We remain biased to the upside and look for a renewed challenge of the June high at 0.6584. A close above here would end the recent range bound phase and confirm a broader change in trend to the upside, with near term resistance seen at 0.6609 at first.”

“Below 0.6537 can instead see a move back to 0.6520 and then 0.6513/04, which ideally holds to keep the upside bias intact. A break below here on a closing basis would instead set a small in-range top to suggest further range bound price action and turn our attention towards the potential for a broader ‘double top’.”