NZD/USD: Upside momentum resumes to test a key cluster of resistances at 0.6756/91 – Credit Suisse

NZD/USD has recovered strongly from yesterday’s intraday setback, breaking above the key 0.6756 December high to test the pivotal resistance zone at t  |  18/09/2020 09:56

NZD/USD has recovered strongly from yesterday’s intraday setback, breaking above the key 0.6756 December high to test the pivotal resistance zone at the July 2019/January 2020 highs, 200-week average and cluster of long-term Fibonacci retracement levels at 0.6789/91. Above 0.6789/91, the kiwi would see next resistance at 0.6800/06 and then 0.6836/67. On the flip side, support moves to 0.6759, per Credit Suisse. 

Key quotes

“NZD/USD has recovered strongly from yesterday’s setback, breaking above the key 0.6756 December high and prodding also above the pivotal the July 2019 and January 2020 highs at 0.6789/91. Although we might not see a closing break here at the first attempt, our bias remains for a break higher in due course, which would complete a medium-term base to significantly reinforce our broader bullish outlook, with short-term resistance then seen subsequently at 0.6800/06 – a psychological barrier and 78.6% retracement of the December/March fall – where we would expect to see another initial attempt to hold. Beyond here would see trend resistance at 0.6836/37 next and higher over the medium term.” 

“Support for a near-term fallback moves initially to 0.6777, then 0.6759, which ideally holds to keep the upside bias intact. Beneath here though would see 0.6711 and then the 21 -day exponential average at 0.6688 next.” 

 

Share

Popular News

Show More Popular News

Market Insight's Views

Market Insight analyses will provide both fundamental and technical comprehensions on FX
and other asset classes for Market Insight viewers

RISK WARNING

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

  • ForexF
  • IndicesI
  • CommoditiesC
        Back

        Login to Market Insight Account

        Your Market Insight account gives you access to the tools that we offer our customers including our
        Technical Studies & Sentiment for your accounts.

        Forgot Password?

        Don't you have a Market Insight account? With a few easy steps you can easily register to Market Insight

        Create a Market Insight's Account

        Your Market Insight account gives you access to the tools that we offer our customers including our Technical Studies & Sentiment for your accounts.

        register_ty

        Thank you!

        Welcome to Market Insight family!

        You have succesfully completed the registration.
        We will send you an e-mail to give you some
        instructions and our Terms and Conditions!
        Our account representatives will be contacting you as
        soon as possible. If you have any further questions
        please do not hesitate to mail us via info@marketinsight.com