Flash: NZD/USD forms base above 0.7700 – ANZ

According to Head of Global Markets Research Tim Riddell at ANZ, “The NZD/USD holding above 0.7700 increases the potential that a base is forming but a close above 0.7800 is still needed to suggest that the squeeze has begun.”

Selling opportunities remain

“For now, the first target is now the previous trigger point of 0.7910-20 within sharper squeezes towards 0.8060-70. Interim dips should above hold above 0.7710-20 now. Despite this call for a squeeze, rebounds should provide a selling opportunity.” Riddell adds.