FXStreet reports that analysts at Credit Suisse note that NZD/USD saw another strong reversal back higher from the 13-day exponential average, negating the recently completed bearish ‘reversal day’ to leave the market pressuring against the crucial 0.7111 resistance again.

“NZD/USD has reversed sharply higher to pressure back against the crucial 78.6% retracement of the 2017/2020 fall at 0.7111. We keep our bias for further consolidation at first, but stay alert for a clear break higher in due course and with a major base still in place, we stay biased higher over the medium-term and see resistance initially at 0.7121, ahead of the 50% retracement of the entire 2014/2020 fall at 0.7151/58, where we expect the market to take breather at first. A sustained move higher would reinforce the core bull trend and see resistance at 0.7200 initially.”