NZD/USD Classical 07.12
NZD/USD: In the process of retracing the 0.7160-0.6795 move, with the market most recently breaking above 0.7100. However, the rally is still classed as corrective and we do not see the gains extending much further. Look for any additional upside to be well capped ahead of 0.7160 ahead of the next major drop back below 0.6795. Only a close above 0.7160 negates and gives reason for concern.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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