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NZD/USD Classical 07.28

NZD/USD Classical 07.28

2010-07-28 07:06:00
Joel Kruger, Technical Strategist
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NZDUSD7.28_body_nzd2.png, NZD/USD Classical 07.28

NZD/USD: The daily close on Tuesday has taken the form of a very bearish gravestone doji pattern and we would expect to see some major weakness over the coming sessions. Daily studies are also quite stretched and this along with some cyclical studies that also warn of topping, provides a strong confluence of bearish signals to reaffirm our bias. Look for a break and close below 0.7250 to confirm and accelerate towards psychological barriers by 0.7000. Back above 0.7400 negates and delays.

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

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