NZDUSD: Recent recovery still looks like a corrective countermove within the broader downtrend – Credit Suisse NZDUSD Banks
NZDUSD has rallied higher. Nevertheless, this stays seen as a correction within the choppy downtrend for now, analysts at Credit Suisse report.“The recent recovery in our eyes still looks, for now at least, like a corrective countermove within the broader downtrend. Hence, our broader negative outlook stays intact, though with a move back below 0.5854 and then below 0.5600/5597 needed to turn the market on the path towards the YTD low 0.5510 and then the 2020 low at 0.5468.
“Were we to see the broader USD top out below key levels, we would turn more cautious on NZDUSD also, with a move above 0.6059 needed to pave way to what we see as a tougher resistance at the downtrend from April at 0.6091.”Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
S&P 500 Index: Recent strength seen as a bear market rally – Credit SuisseS&P 500 may see some near-term consolidation. Nonetheless, analysts at Credit Suisse remain of the view recent strength has been a bear market rally
Read more »
GBPUSD to see a deeper but still corrective recovery – Credit SuisseGBPUSD needs to remove 1.1565 to see its downtrend from February break to clear the way for a deeper but still corrective recovery back to 1.1739, ana
Read more »
EURUSD: Scope for a recovery to 1.0350/90 – Credit SuisseEURUSD has extended its recovery and with weekly MACD momentum having already also turned higher, economists at Credit Suisse see scope for a deeper r
Read more »
Phase of stronger equities linked to the midterms could hurt the USD – Credit SuisseUS politics becomes a live issue again due to yesterday’s midterm elections. Republicans are on track to achieve a majority in the House of Representa
Read more »
USDCHF: Downside pressure is mounting – Credit SuisseUSDCHF has rejected key resistance at 1.0071. Analysts at Credit Suisse see signs that downside pressure is mounting. Clear top threatening “We think
Read more »
Exclusive: Moody's optimistic that cyber regulations could spur 'credit positive' environmentExclusive: U.S. efforts to crack down on ransomware and mandate companies report cyber incidents could end up being a 'credit positive' next year, according to Moody's 2023 cyber outlook.
Read more »