NZD/USD Classical Technical Report 01.18
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. Ultimately, only a close back above 0.8100 would negate outlook and give reason for pause.
--- Written by Joel Kruger, Technical Currency Strategist
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