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Jan 27 - 09:55 AM

NZD/USD: Risk Of A Slightly Larger H&S Top Is Growing; Staying Tactically Cautious N-Term - Credit Suisse

By eFXdata  —  Jan 27 - 09:00 AM

Credit Suisse discusses NZD/USD technical outlook and maintains a neutral and cautious bias in the near-term.

"We keep our cautious stance and bias for further near - term sideways trading in place, with the risk of a slightly larger “head and shoulders” top growing, which would only be negated with a move above .7240/48," CS notes. 

"Shorter -term resistance is initially seen at .7199/7205, above which would ease the immediate downside pressure and see a move back to .7217/25, removal of which would expose the key .7240/48 zone...Support moves initially to .7171/67, which ideally holds once more. Beyond here though, support is seen thereafter at .7128, removal of which would increase the pressure on .7103/7084, below which would now complete the larger top," CS adds. 

Credit Suisse Research/Market Commentary


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