The NZD/USD pair is under pressure for a close above the 0.7248/54 range highs, which would expose the 0.7306/15 highs and likely beyond over the medium-term, per Credit Suisse.
“Although further rangebound trading should not be completely excluded, our bias is to look for a move higher from the crucial 0.7248/54 highs as daily MACD momentum keeps increasing and there are growing signs that the risk-on rally is re-accelerating.”
“Thereafter, we see resistance at 0.7281/86, ahead of the psychological inflection point at 0.7300. Beyond here can see a fresh test of the current year high at 0.7306/15, where we would expect to see a first attempt to cap, but with an eventual break finally reasserting the broader uptrend.”
“Support is seen initially at 0.7225, then 0.7215/00, beneath which would ease the immediate upside bias and see a move back to 0.7176/72. Removal of here would expose the support at 0.7159.”