NZD/USD Classical Technical Report 08.19
NZD/USD: The latest violent bearish reversal off of post-float record highs is significant with the market now looking to carve out a major top. Next key support comes in by 0.7965, with a break and close below this level to trigger a more meaningful topping formation that will project deeper setbacks towards the 0.7750 area over the coming days. Corrective rallies have stalled out by 0.8425, and a lower top looks to be in place ahead of the next downside extension.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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