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NZD/USD Classical Technical Report 09.28

NZD/USD Classical Technical Report 09.28

2011-09-28 06:14:00
Joel Kruger, Technical Strategist
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NZDUSD_Classical_body_nzd2.png, NZD/USD Classical Technical Report 09.28

NZD/USD: The latest sharp pullback below 0.8000 now opens a fresh downside extension exposing 0.7000-0.7500 and officially confirms a major lower top by 0.8570 below the 0.8845 post float record highs from July. However, with short-term technical studies unwinding from oversold levels, we would not rule out the possibility for some additional consolidation before the market resumes its downward trajectory. Look for inter-day rallies to be well capped below 0.8000 on a daily close basis while ultimately, only back above 0.8250 would delay. Back under 0.7635 will accelerate and open the next downside extension.

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

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