NZD/USD Classical Technical Report 05.19
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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