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NZD/USD Classical Technical Report 05.23

NZD/USD Classical Technical Report 05.23

2011-05-23 05:35:00
Joel Kruger, Technical Strategist
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NZDUSD_CLassical_body_nzd2.png, NZD/USD Classical Technical Report 05.23

NZD/USD:Rallies have been well capped by 0.8000 and the market once again looks to be in the process of rolling over in favor of a fresh downside extension below 0.7755. Monday’s break back below Friday’s low already helps to confirm bias, with the market breaking a sequence of consecutive daily higher lows, and any intraday rallies should now be well capped ahead of 0.7950 in favor of the bearish resumption towards and eventually below 0.7755.

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

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