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NZD/USD Classical Technical Report 01.16

NZD/USD Classical Technical Report 01.16

2012-01-16 07:20:00
Joel Kruger, Technical Strategist
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Daily_Classical_NZDUSD_body_nzd2.png, NZD/USD Classical Technical Report 01.16

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 somewhere around 0.8000 ahead of a fresh downside extension. Look for a break and close back under 0.7770 to help confirm bias and 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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