NZD/USD Classical Technical Report 09.27
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 towards the 200-Day SMA by 0.7950 before the market once again resumes its downward trajectory.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
If you wish to receive Joel's reports in a more timely fashion, e-mail firstname.lastname@example.org and you will be added to the "distribution" list.
If you wish to discuss this topic or any other feel free to visit our Forum page
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.