NZD/USD to reaffirm the core uptrend on a clear close above 0.7315 – Credit Suisse

The NZD/USD pair moved sharply higher on Friday and a clear close above 0.7315 would reassert the core uptrend, with resistance next at 0.7395, the Credit Suisse analyst team informs.

Key quotes

“Post a very near-term consolidation phase, we expect further strength to unfold and a sustained close above the aforementioned 0.7315 would finally reassert the broader core uptrend.” 

“Above 0.7315 would see next resistance at 0.7338/45, then 0.7373, ahead of a fresh test of April high at 0.7395, where a first breather might occur. Removal of here could subsequently see a challenge of the 2018 highs at 0.7437/38, where another attempt to pause is likely at first.” 

“Support is seen initially at 0.7283, beyond which would see a small intraday top completed to suggest mild corrective weakness, with support next at 0.7233/18 – a cluster of key short -term average.”