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NZD/USD Classical Technical Report 01.05

NZD/USD Classical Technical Report 01.05

2012-01-05 06:58:00
Joel Kruger, Technical Strategist
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Daily_Classical_NZDUSD_body_nzd2.png, NZD/USD Classical Technical Report 01.05

NZD/USD: Any rallies are classified as corrective and we continue to see this market in the process of carving out a major longer-term top. From here, we look for the formation of the next major lower top below 0.8000 to be confirmed on a break back of 0.7370 over the coming weeks. Below 0.7370 should then accelerate towards next key support at 0.7110 further down. Ultimately, only a weekly close back above 0.8000 would negate.

--- Written by Joel Kruger, Technical Currency Strategist

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

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