NZD/USD eyes a sustained close below 0.6230/6194 – Credit Suisse

NZD/USD recovered on Friday. Nonetheless, analysts at Credit Suisse stay bearish and look for an eventual break below 0.6230/6194. 

NZD/USD remains capped at 0.6329

“We remain tactically bearish on the back of the 55-day and 200-day moving averages continuing to fall and look for a move below 0.6194. A break here would support further medium-term weakness and open up an eventual move to the next significant support at 0.5919/5841.” 

“A close above 0.6329 would prompt near-term upward pressure and see potential to reach a notable near-term resistance at the recent price high and the minor breakdown point at 0.6395/6435.” 

“A close above the 0.6435 level would likely trigger a stronger move to the May/June highs at 0.6568/76, though we would look for a ceiling here to maintain the core downtrend.”