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NZD/USD Classical 02.08

NZD/USD Classical 02.08

2011-02-08 06:46:00
Joel Kruger, Technical Strategist
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NZDUSD_Classical_body_nzd2.png, NZD/USD Classical 02.08

NZD/USD:Rallies continue to be very well capped above 0.7800 and the market has once again stalled out above the figure in favor of yet another bearish reversal. From here, we see risks for additional declines towards 0.7525 over the coming sessions, with any intraday rallies expected to be well capped ahead of 0.7750. Below 0.7525 should accelerate declines and open the door for deeper setbacks.

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

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