NZD/USD bulls holding in there, eye a break of 0.72 handle? - Commerzbank

Analysts at Commerzbank noted that NZD/USD is flirting with the seven-month downtrend line at 0.7181 and the 0.7209 mid-October high.

Key Quotes:

"NZD/USD has risen to the July-to-January downtrend line at .7181 and also nearly reached the 0.7209 mid-October high. Here it may struggle short term. Further up lies the 61.8% Fibonacci retracement at 0.7261."

"Still further up sits the June high at 0.7347. Immediate upside pressure will be maintained while the currency pair trades above its 0.7073 current January low. While the next lower 0.6980/53 November high and the December 20 low underpin, we will retain our medium-term bullish view."

"Support below the 55-day moving average at 0.6953 comes in at the October-to-December lows at 0.6818/.6780. Only in case of an unexpected drop below the .6780 low being seen would the 2009-17 support line at 0.6705 be in focus."