What is the technical outlook for NZD/USD in the near-term?
Here is their view, courtesy of eFXdata:
Credit Suisse discusses NZD/USD technical outlook and maintains a neutral and cautious bias in the near-term.
“We keep our cautious stance and bias for further near – term sideways trading in place, with the risk of a slightly larger “head and shoulders” top growing, which would only be negated with a move above .7240/48,” CS notes.
“Shorter-term resistance is initially seen at .7199/7205, above which would ease the immediate downside pressure and see a move back to .7217/25, removal of which would expose the key .7240/48 zone...Support moves initially to .7171/67, which ideally holds once more. Beyond here though, support is seen thereafter at .7128, removal of which would increase the pressure on .7103/7084, below which would now complete the larger top,” CS adds.
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