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NZD/USD Classical Technical Report 09.08

NZD/USD Classical Technical Report 09.08

2011-09-08 05:49:00
Joel Kruger, Technical Strategist
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NZDUSD_Classical_body_nzd2.png, NZD/USD Classical Technical Report 09.08

NZD/USD: Rallies have finally stalled out ahead of 0.8600 and by the upper Bollinger and we contend that the market is in the process of carving a fresh lower top below the 0.8845 post-float record highs ahead of the next major downside extension back below 0.8000 and the recent trend lows by 0.7965. Next short-term support comes in by 0.8155 and a break below will help to confirm bias and accelerate declines. In the interim, any intraday rallies should be well capped below 0.8450 on a daily close basis.

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

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