NZD/USD Classical Technical Report 09.09
NZD/USD: Although this market remains relatively well supported and near its recently established fresh post-float record highs from several weeks back at 0.8845, we believe we have already begun to see the start of a major reversal in the trend which will ultimately open the door for a more significant decline over the medium-term. In the interim, look for the market to hold below 0.8500 on a weekly close basis, and for the formation of a lower top below 0.8845 at 0.8570 ahead of the next downside extension back below 0.7965. A break back below 0.8150 will help to confirm outlook, while only back above 0.8570 ultimately negates.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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