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NZD/USD Classical Technical Report 12.07

NZD/USD Classical Technical Report 12.07

2011-12-07 07:40:00
Joel Kruger, Technical Strategist
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Daily_Clasical_NZDUSD_body_nzd2.png, NZD/USD Classical Technical Report 12.07

NZD/USD: Of all the major currency pairs, this was the first one to officially negate the October price action, with the market reversing sharply in November and taking out the critical early October lows. From here, there are risks of deeper setbacks and we see next key support at 0.7110 being tested over the coming weeks. Look for any intraday rallies to be well capped below 0.8000 on a daily close basis, while a close back under 0.7720 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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