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NZD/USD Classical Technical Report 10.19

NZD/USD Classical Technical Report 10.19

2011-10-19 06:50:00
Joel Kruger, Technical Strategist
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Daily_Classical_NZDUSD_body_nzd2.png, NZD/USD Classical Technical Report 10.19

NZD/USD: Any rallies are classified as corrective, with the market still locked within a well defined downtrend. As such, we would expect to see the current bounce well capped below 0.8100 on a daily close basis in favor of the next major downside extension back towards and eventually below 0.7465. Ultimately, only a daily close back above 0.8200 would delay outlook and give reason for pause. A daily close back below 0.7900 confirms outlook and should accelerate declines.

--- Written by Joel Kruger, Technical Currency Strategist

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

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