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Nov 29 - 11:00 AM
NZD/USD: A Small Base Remains In Place; Further Consolidation Likely N-Term - Credit Suisse
First appeared on eFXplus on Nov 29 - 09:36 AM

Credit Suisse discusses NZD/USD technical outlook and maintains a slightly bullish bias, anticipating an eventual break above 0.6466/73 in the near-term.

"No change for NZDUSD leaves the market still holding above its 13-day exponential average at .6406 as well as a small base, which keeps us leaning mildly bullish in the short-term, though the market has still not managed to see a clear break above resistance at .6437.

Given this, further consolidation should be allowed for, but an eventual break above should clear the way for a fresh look at the broader range high and potential trend resistance at .6466/73, which is likely to prove a tough barrier. Above here though would see an even larger base established to suggest we are seeing a more meaningful move higher, with resistance then next seen at the 50% retracement of the July/October fall at .6497, which might cap at first," CS notes. 

"Support stays seen at .6406/.6395 initially, below which can see a minor top in the range with support then seen next at .6382, ahead of what should be better support from the recent low and potential uptrend at .6359/42," CS adds. 

Source:
Credit Suisse Research/Market Commentary

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