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NZD/USD Classical 02.16

NZD/USD Classical 02.16

2011-02-16 07:34:00
Joel Kruger, Technical Strategist
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NZDUSD_Classical_body_nzd2.png, NZD/USD Classical 02.16

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 0.7300 over the coming session, with any intraday rallies expected to be well capped ahead of 0.7700. A daily close below 0.7500 should accelerate declines.

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

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