Bank of America Merrill Lynch FX Strategy Research notes that NZD/USD rally struggled at resistance last week (.7340) despite USD weakness but still inched a close above resistance at .7347.
“A decline here could turn into a triangle pattern for the remainder of the summer as support rises and resistance declines.
However a breakout would be bullish next to the 200wk SMA at .7440 and the 50% fib retracement at .7483. The horizontal black line was previously pivotal at about .7710,” BofAML argues.
BofAML points to support levels at .7200, .7140, .7097 and to resistance levels around .7340, .7442, .7710.
Source: Bank of America Merrill Lynch Rates and Currencies Research
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