FXStreet reports that analysts at Commerzbank suspect that NZD/USD is performing a return to point of break out and look for the rally to fail ahead of the 0.6266 previous 19-year uptrend.

“Short-term resistance converges to 0.6185/0.6264 (55-day ma, October 2019 low and the 61.8% retracement). A slide back below 0.60 is needed to confirm for attention to revert to the 0.5843 current April low and beyond.”

“Previous uptrend should now act as resistance at 0.6266.”