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NZD/USD Classical 07.20

NZD/USD Classical 07.20

2010-07-20 04:48:00
Joel Kruger, Technical Strategist
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nzd2

NZD/USD:  As expected, the resistance just over 0.7300 proved to be exceptionally strong and the market has since undergone a violent bearish reversal with the price collapsing back below 0.7100. It now seems as though a fresh top is being carved out which should open a drop over the coming sessions back towards initial support by 0.6800 which guards against the yearly lows by 0.6560. Only back above 0.7300 would negate outlook and give reason for pause.

 

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