NZD/USD: Break above 0.6203/05 to expose the 200DMA at 0.6302 – Credit Suisse

NZD/USD is testing the top of its recent range at 0.6203/05. A close above there would expose the 200-Day Moving Average (DMA) at 0.6302, analysts at Credit Suisse report.

Only above 200DMA would mark firmer medium-term upside

“We continue to expect an eventual break above the last week’s highs at 0.6203/05, above which would open the door to the 200 DMA at 0.6302. Should a convincing break above here be achieved, this would suggest further medium-term strength, with the next firm resistance seen at the August highs at 0.6456/68.” 

“Immediate support remains seen at the 13-Day Exponential Average and recent lows at 0.6069/60, but we look for support at 0.6000/5983 to try to prevent any sharper move lower to avoid a lengthier consolidation.”