NZD/USD: Test of the next key resistance at 0.6468/87 looks imminent – Credit Suisse

NZD/USD is stabilizing its gains above the 200-Day Moving Average of 0.6285. Analysts at Credit Suisse look for an eventual move above 0.6468/87.

Immediate support is seen at 0.6351

“Whilst we stay cautious of daily RSI’s overbought condition, the medium-term momentum remains supportive and with the recent key break in the USD space also in place, we think that a move above 0.6468/87 is likely.” 

“A sustained break above key resistance at the 50% retracement of the whole 2021/22 decline and the August high at 0.6468/87 would mark another major break of technical resistance to confirm further sustained medium-term upside, with resistance above here next seen at 0.6568/76, which is the June high and then 0.6591.” 

“Immediate support is seen at 0.6351 and next at 0.6326/10, though only quick move back below the 200DMA at 0.6285 would raise suspicion of a brief consolidation phase.”