NZD/USD set to extend its slump towards the 0.6230 mark – Credit Suisse

NZD/USD has turned lower again. Economists at Credit Suisse stay biased for further weakness, with scope to reach 0.6230.

Resistance moves to 0.6510/20 

“The daily MACD and RSI momentum indicators remain near to ‘oversold’ levels, which warns that a potentially lengthier recovery might take place. Nonetheless, our bias remains lower, with support seen at 0.63 initially, next at 0.6283 and eventually at the 61.8% retracement of the 2020/21 uptrend at 0.6231/30.” 

“Immediate resistance moves to 0.6412/20, next to 0.6448/57 and eventually to the 13-day exponential moving average at 0.6510/20. Above here would open up the last week’s high at 0.6556/68, which we would look to hold to keep the strong downside pressure intact.”