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Mar 23 - 09:55 AM

NZD/USD: Completing A Large H&S Top Targeting 0.6865 - Credit Suisse

By eFXdata  —  Mar 23 - 08:48 AM

Credit Suisse discusses NZD/USD technical outlook and sees a scope for further downside in the near-term.

"NZDUSD fell sharply overnight, breaking beneath key support levels and completing a large “head and shoulders” top. With daily MACD momentum also moving lower, we look for further downside to unfold and a sharp acceleration lower, with scope for a move back to the late December low and 23.6% retracement of the 2020/2021 surge at .7003/6994, where we expect to see an initial attempt to hold.

Beyond here would see a fall back to the 200 -day average, currently at .6865, where we would expect to see a more concerted pause," CS notes. 

"Resistance instead moves to .7099, then .7183/88, above which would question the top and expose .7269/73, ahead of .7307," CS adds. 

Source:
Credit Suisse Research/Market Commentary

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