NZD/USD: The rally could finally be on the verge of stalling out after the market has failed to push higher on Monday and breaks back below Friday’s low to end a sequence of consecutive positive closes and consecutive daily higher lows. Look for a daily close below 0.8200 on Monday to confirm bias and accelerate declines back below 0.8000 and towards 0.7500 over the coming weeks. Ultimately, only a break back above 0.8250 would delay outlook and give reason for pause.
--- Written by Joel Kruger, Technical Currency Strategist
To contact Joel Kruger, email jskruger@dailyfx.com. Follow me on Twitter @JoelKruger
To be added to Joel Kruger’s distribution list, send an email with subject line “Distribution List” to jskruger@dailyfx.com
