CFD News

NZD/USD to resume the downtrend and retest major support at 0.6703/0.6697 – Credit Suisse

3d illustration

NZD/USD extends its aggressive rejection from its 55-day transferring common (DMA) at 0.6848 and analysts at Credit Suisse proceed to seem for the core downtrend to resume. The kiwi is set to retest foremost help from the lows of 2021 and 38.2% retracement of the whole 2020/2021 bull fashion at 0.6703/6697.

Initial resistance is considered at 0.6752/60
“With medium-term momentum nonetheless outright negative, we continue to seem to be for the core downtrend to resume. Below near-term rate aid from the early January lows at 0.6752/33 ought to add weight to our view for a retest of primary assist from the lows of 2021 and 38.2% retracement of the complete 2020/2021 bull fashion at 0.6703/6697.”

“Whilst 0.6703/6697 have to proceed to be revered our bias stays firmly for an eventual clear and sustained wreck in due path to open up an eventual go to our core goal at 0.6511/6488.”

“Resistance is viewed at 0.6752/60 initially, with 0.6806/19 now ideally capping to hold the instantaneous threat lower. Above can see a restoration again to 0.6848/61, however with sparkling agents predicted right here again.”

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