Home Forex Further downside to unfold post a short -term consolidation – Credit Suisse

Further downside to unfold post a short -term consolidation – Credit Suisse

by kyngsam


NZD/USD has shifted right into a near-term consolidation part, however maintains its “double high”, with assist seen subsequent at 0.6489/85, then 0.6413/.6393, which is the ‘measured high goal’ and 200-day common.

Key quotes

“NZD/USD is seeing a pause near-term, according to every day RSI momentum approaching oversold territory. Nevertheless, with a ‘double high’ in place we stay of the view that this halt is merely momentary and additional weak spot ought to unfold in the end.”

“Assist is seen initially at 0.6512, then 0.6500, elimination of which might subsequently see a fall again to 0.6489/85 – the late August low and 23.6% retracement of the whole surge from March – the place we’d count on contemporary patrons at first. Past right here might then see the again of the damaged 2014 downtrend at 0.6456 subsequent. It’s price highlighting although that the ‘double high measured goal’ is seen a lot decrease at 0.6413, simply above the 200-day common at 0.6393.

“Resistance strikes initially to 0.6572, then 0.6593, forward of 0.6601, above which might ease the quick draw back bias and query the ‘double high’ that’s in place.”

 



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