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NZD/USD Classical Technical Report 05.30

NZD/USD Classical Technical Report 05.30

2011-05-30 05:22:00
Joel Kruger, Technical Strategist
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NZDUSD_Classical_body_nzd2.png, NZD/USD Classical Technical Report 05.30

NZD/USD:Remains very well bid with the market breaking to fresh yearly and 26-year highs above 0.8200. Daily studies are however starting to look stretched, but a break back below 0.8070 will be required at a minimum to relieve immediate topside pressures. A daily close above 0.8200 however, will open the door for yet another upside extension towards next key psychological barriers by 0.8500 further up.

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

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