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- NZD/USD ticks down to test the 200-DMA at 0.6883 - Credit Suisse
NZD/USD ticks down to test the 200-DMA at 0.6883 - Credit Suisse
FXStreet reports that the NZD/USD pair maintains a “head and shoulders” top and analysts at Credit Suisse stay bearish for a test of the 200-day average at 0.6883.
“Although we do not exclude further short-term sideways trading, with a large ‘head and shoulders’ top in place as well as daily momentum still pointing lower, we look for a resumption of the downmove in due course.”
“Below 0.6943 should open the door to a fall back to the 200-day average, currently at 0.6883, where we would expect to see a more concerted pause.”
“Resistance moves to 0.6988 initially, then 0.7025/34, which ideally caps to keep the immediate downside bias intact."
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