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Feb 05 - 11:00 AM

NZD/USD: H&S Top Still In Place Targeting 0.6350 - Credit Suisse

By eFXdata  —  Feb 05 - 09:56 AM

Credit Suisse discusses NZD/USD technical outlook and maintains a bearish bias targeting 0.6350

"With a large “head and shoulders” top still in place though, we remain biased lower and look for a resumption of the downtrend after this short-term consolidation phase.

Support is initially seen at .6450, then .6424, removal of which would see a move to the next pivotal support at the 61.8% retracement and price levels at .6415/6395, where we would look for an attempt to hold if reached," CS notes. 

"Bigger picture though, the “measured top objective” is seen lower at .6350, roughly coinciding with the 78.6% retracement just below at .6322, which we would have higher conviction in the market finding a floor," CS adds. 

Source:
Credit Suisse Research/Market Commentary

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