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NZD/USD Classical Technical Report 05.17

NZD/USD Classical Technical Report 05.17

2011-05-17 06:26:00
Joel Kruger, Technical Strategist
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NZDUSD_Classical_body_nzd2.png, NZD/USD Classical Technical Report 05.17

NZD/USD:The latest break below 0.7820 is significant and suggests that a key top is now in place by 0.8120. From here, look for deeper setbacks towards next key support in the 0.7600’s by the 50/100-Day SMAs. The 10-Day SMA is showing a negative cross with the 20-Day SMA to further confirm negative outlook, and as such, any intraday rallies from here should be well capped below 0.8000 on a daily close basis. Below 0.7755 accelerates, while only back above 0.8000 concerns.

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

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