NZD/USD: Biased lower – Credit Suisse

The market saw a strong rejection from a pivotal resistance area at 0.6113/30 as expected, per Credit Suisse.

Key quotes

NZD/USD has also seen a sharp downturn from a pivotal resistance area beginning at 0.6113/31, in line with the large bear ‘triangle’ pattern that remains in place and the recently established intra-day top.” 

“We remain biased lower and see support initially at 0.5940, ahead of 0.5920. More important support is seen thereafter at 0.5851/44, where we would expect to see fresh buying at first.” 

“Resistance is seen initially at 0.5976, then 0.6106/09, ahead of 0.6130/31, which ideally caps again if reached.”