What's next for the kiwi?
Credit Suisse discusses NZD/USD technical outlook and maintains a bearish bias targeting 0.6350
"With a large "head and shoulders" top still in place though, we remain biased lower and look for a resumption of the downtrend after this short-term consolidation phase.
Support is initially seen at .6450, then .6424, removal of which would see a move to the next pivotal support at the 61.8% retracement and price levels at .6415/6395, where we would look for an attempt to hold if reached," CS notes.
"Bigger picture though, the "measured top objective" is seen lower at .6350, roughly coinciding with the 78.6% retracement just below at .6322, which we would have higher conviction in the market finding a floor," CS adds.
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