NZD/USD: Rally to fail ahead of the previous 19 year uptrend – Commerzbank

Analysts at Commerzbank suspect that NZD/USD is performing a return to point of break out and look for the rally to fail ahead of the 0.6266 previous 19 year uptrend.

Key quotes

“Short-term resistance converges to 0.6185/0.6264 (55 day ma, October 2019 low and the 61.8% retracement). A slide back below 0.60 is needed to confirm for attention to revert to the 0.5843 current April low and beyond.”

“Previous uptrend should now act as resistance at 0.6266.”