The NZD / USD rally stopped temporarily just before the high of 0.6448, which should be broken, allowing the kiwi to move towards a net resistance at 0.6481, according to Credit Suisse economists.
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The NZD / USD reached a temporary break just before the significant March 9 peak at 0.6448. Although further consolidation in the short term is likely, in particular since the daily dynamics of the RSI remain in highly overbought territory, we anticipate a possible upward break in due course. ”
“We see resistance to the 78.6% retracement from the 2020 fall to 0.6481 / 88, before a return to the 50% retracement from the 2017/2020 fall to 0.6514, where we expect to see fresh sellers at first. Above, we could see momentum accelerate even more with a 2014 downward resistance at 0.6576, where we expect to see another effort to cap. “
“Short-term support is seen at 0.6405, then 0.6366 / 63, ahead of the 200-day average at 0.6317, which is ideally holding up now.”