The NZD/USD pair has held above the 0.7170 uptrend from the 2021 lows – which maintains a mild upward tilt for a move back to 0.7306, analysts at Credit Suisse appraise.
“The break above resistance at 0.7180 should relieve the downward pressure and confirm that the uptrend has held, with next resistance thereafter at 0.7245/47, then the recent highs at 0.7306/16, which recently stalled the market, before the 78.6% retracement of the Q1 fall at 0.7353, where we would expect another pause.”
The next supports below 0.7146/34 are seen at 0.7122/15, with a break below here needed to turn the risks lower for a move back to the 0.7004/6997 lows, with the 200-day average just below at 0.6970.”
