NZD/USD: Bullish pressure likely to be maintained - Commerzbank

Axel Rudolph, senior analyst at Commerzbank, points out that the NZD/USD pair has failed slightly below the December and February highs at .6970 and at .6939, before dropping back to the March low and also the 200 day moving average at .6744/33.

Key Quotes

“Provided that the next lower .6706 January 22 low and especially the January 9 low at .6692 continue to hold on a daily chart closing basis, overall bullish pressure should be maintained.”

“Only a stronger bearish reversal and fall below the .6589 January low would put the .6500/.6424 September and October lows back on the cards. Minor resistance comes in between the 55 day moving average and the mid-January high at .6823/50.”

“Resistance above .6939/70 comes in at the June high at .7061 and also at the March 2017 high at .7091.”