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NZD/USD Classical 04.01

NZD/USD Classical 04.01

2011-03-31 06:16:00
Joel Kruger, Technical Strategist
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NZDUSD_Classical_body_nzd2.png, NZD/USD Classical 04.01

NZD/USD:The rally out from the mid-March 0.7100 area lows has been most impressive, with the market trading back above 0.7600 thus far ahead of the latest minor setbacks. However, any additional gains from here are seen limited, with the greater risk for some form of a medium-term lower top below 0.7800 in favor of a bearish reversal back towards and eventually below 0.7100. Look for a break and close back below 0.7580 to confirm and accelerate declines.

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

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