FXStreet reports that economists at Credit Suisse note that NZD/USD maintains its break below the 200-day average at 0.7042. The kiwi is now oscillating around 0.6945 - below which would mark an important change of trend.

“The break below the 200-day average at 0.7042 raises the prospect of a broader trend change, with the market now oscillating around its prior year-to-date lows at 0.6945. The ‘measured top objective’ projects a move beyond here towards 0.6913. Along with the break of the 200-day average, a weekly close below 0.6945 would mark a major medium-term breakdown, opening up 0.6875/61 next and eventually beyond.” 

“Near-term resistance moves to 0.7000/01. Thereafter, the market should now ideally remain capped below the 200-day average at 0.7035/42 to maintain the downward pressure.”