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NZD/USD Classical 05.27

NZD/USD Classical 05.27

2010-05-27 05:54:00
Joel Kruger, Technical Strategist
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NZD/USD: The formation is not as pretty as in Aud/Usd, but here too we have seen the formation and trigger of a major double top, with setbacks accelerating below the neckline after closing below the 200-Day SMA. The latest break below 0.6800 should now open a drop back towards the 0.6000 area over the coming weeks. Any inter-day corrective rallies are now expected to be well capped ahead of 0.7000.

 

Written by Joel Kruger, Technical Currency Strategist for DailyFX.com 
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