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NZD/USD Classical Technical Report 10.04

NZD/USD Classical Technical Report 10.04

2011-10-04 06:24:00
Joel Kruger, Technical Strategist
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NZDUSD_Classical_body_nzd2.png, NZD/USD Classical Technical Report 10.04

NZD/USD: The market remains under pressure and a fresh lower top has now been confirmed just ahead of 0.8000 with the break back below 0.7635 opening the current downside extension which exposes a drop towards the 0.7300 area over the coming days. Ultimately, only back above 0.8000 would delay outlook and give reason for pause. In the interim, look for any intraday rallies to be well capped below 0.7800.

--- Written by Joel Kruger, Technical Currency Strategist

To contact Joel Kruger, email jskruger@dailyfx.com. Follow me on Twitter @JoelKruger

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