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NZD/USD Classical 02.02

NZD/USD Classical 02.02

2011-02-02 06:54:00
Joel Kruger, Technical Strategist
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NZDUSD_Classical_body_nzd2.png, NZD/USD Classical 02.02

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 0.8000 and near the 0.7835 previous November minor peak in favor of the next major drop. Look for a break and close back below 0.7680 to strengthen outlook and accelerate declines towards 0.7500 and then 0.7345 further down. A daily close back above 0.7835 will however delay.

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

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