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NZD/USD Classical 02.03

NZD/USD Classical 02.03

2011-02-03 06:57:00
Joel Kruger, Technical Strategist
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NZDUSD_CLASSICAL_02.03_body_nzd2.png, NZD/USD Classical 02.03

NZD/USD:Technically, although Wednesday’s price action only resulted in an inside day formation, it was as nasty of a bearish inside day formation as once could expect with the market just missing a bearish outside day formation. Thursday’s early break back below Wednesday’s low however now makes bearish reversal prospects more realistic and we look for a break and close back below 0.7680 to confirm outlook and accelerate declines. A closer look at the multi-day chart shows the market very well capped in the 0.7800 area, and as such, we retain a bearish outlook in anticipation of an eventual move back towards 0.7525 over the coming sessions.

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

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