NZD/USD: Break below 0.6194 to inject fresh downside momentum – Credit Suisse

NZD/USD is falling strongly. A break below 0.6230/6194 should take place soon, in the view of analysts at Credit Suisse.

Break below 0.6230/6194 to take place soon

“With the 55-day and 200-day moving averages continuing to fall and with both short and medium-term momentum pictures staying negative, we remain with our tactically bearish view and look for a move below 0.6194 to take place soon. Below here would inject further downside pressure and open up an eventual move to the next medium-term support at 0.5919/5841.” 

“Short-term resistance is now seen at 0.6351/64 and further above at the minor breakdown point at 0.6418/35. A break above here would likely open the door to the May/June highs at 0.6568/76, though we would look for a ceiling to be found here to maintain the downtrend.”