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NZD/USD Classical Technical Report 01.23

NZD/USD Classical Technical Report 01.23

2012-01-23 07:35:00
Joel Kruger, Technical Strategist
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Daily_Classical_NZDUSD_body_nzd2.png, NZD/USD Classical Technical Report 01.23

NZD/USD: The recent break and close back above 0.8000 is concerning and compromises our broader bearish outlook for the pair. However, we still see any additional gains beyond 0.8000 as limited with the market at risk for carving out the next major lower top ahead of a fresh downside extension back below 0.7400. Rallies towards 0.8100-0.8150 will therefore be used as formidable sell opportunities, while a break and close back below 0.7865 will also confirm bearish outlook.

--- Written by Joel Kruger, Technical Currency Strategist

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

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