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NZD/USD Classical Technical Report 09.23

NZD/USD Classical Technical Report 09.23

2011-09-23 06:57:00
Joel Kruger, Technical Strategist
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NZDUSD_Classical_body_nzd2.png, NZD/USD Classical Technical Report 09.23

NZD/USD: The latest sharp pullback below 0.7965 now opens a fresh downside extension exposing 0.7500 and officially confirms a major lower top by 0.8575 below the 0.8845 post float record highs from July. However, with short-term technical studies looking stretched, we would not rule out the possibility for some form of corrective relief back above 0.8000 before the market once again resumes its downward trajectory. Ultimately, look for any rallies to now be well capped below 0.8250, where the 100-Day SMA resides.

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

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