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NZD/USD Classical 02.01

NZD/USD Classical 02.01

2011-02-01 06:41:00
Joel Kruger, Technical Strategist
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NZDUSD_Classical_body_nzd2.png, NZD/USD Classical 02.01

NZD/USD:Although the market has rallied impressively from the recent 0.7345 lows, we view the price action as corrective and look for a fresh lower top to carve out somewhere ahead of the 0.7835 previous November minor peak (ideally by the 31Dec 0.7815 high) in favor of the next major drop. Look for a break and close back below 0.7500 to strengthen outlook and accelerate declines towards 0.7345 and beyond. Only a close back above 0.7835 ultimately negates.

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

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