NZD/USD price action suppressed but COVID-19 risks weigh
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Expected to stay capped at pivotal resistance at 0.6180/6268 – Credit Suisse

The rebound higher in NZD/USD has faded just ahead of the key resistance zone starting at 0.6180 and extending all the way up to 0.6268, analysts at Credit Suisse inform.

Key quotes

“With a large bearish ‘triangle’ continuation pattern in place and break of the long-term uptrend from 2001, we look for this to ideally cap and for weakness to resume in due course.”

“Support is seen initially at 0.5922/06, removal of which would complete a small top to signal the broader risks are turning back lower, with support seen thereafter at 0.5851/44.”

 

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