NZD/USD: April 2020 high at 0.6165/80 have capped for a fresh leg lower – Credit Suisse

NZD/USD stayed capped at the 2019 downtrend and April high at 0.6165/80 as expected for a rebound lower and completion of a bearish ‘reversal day,’ per Credit Suisse. 

Key quotes

“We can expect further in-range weakness in due course, in line with the multi-year bear ‘triangle’ which remains in place, with support seen initially at 0.6041, then 0.6030.”

“Resistance is seen initially at 0.6098, then 0.6156/59, removal of which would negate the ‘reversal day’ and see a renewed test of 0.6180.”