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NZD/USD Classical Technical Report 08.31

NZD/USD Classical Technical Report 08.31

2011-08-31 05:56:00
Joel Kruger, Technical Strategist
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NZDUSD_Classical_body_nzd2.png, NZD/USD Classical Technical Report 08.31

NZD/USD: In the process of a corrective rally since basing out by 0.8000 several days back, with the market rallying back above 0.8500. However, any additional gains from here are seen as limited with a lower top sought out somewhere around 0.8500 in favor of the next major downside extension and bearish resumption. Look for a break back below 0.8455 to strengthen outlook and accelerate, while a daily close above 0.8600 concerns.

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

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