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NZD/USD Classical 03.07

NZD/USD Classical 03.07

2011-03-07 07:00:00
Joel Kruger, Technical Strategist
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NZDUSD_Classical_body_nzd2.png, NZD/USD Classical 03.07

NZD/USD:The market remains well offered on rallies to put in a series of inter-day lower highs and lower lows. The latest break below 0.7425 confirms a fresh lower top by 0.7555, and has opened the door for the next downside extension towards critical medium-term support by 0.7340. Should the market now establish a sustained break below 0.7340, we could see a further acceleration of declines back to the 0.6500 area over the coming weeks. In the interim, any rallies should now be well capped ahead of 0.7500.

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

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