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NZD/USD Classical Technical Report 05.08

NZD/USD Classical Technical Report 05.08

2012-05-08 06:05:00
Joel Kruger, Technical Strategist
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daily_classical_kiwi_body_nzd.png, NZD/USD Classical Technical Report 05.08

NZD/USD: A bout of multi-week consolidation has finally been broken to the downside, with the market clearing some key support by 0.8050 and now opening the door for a fresh downside extension over the coming weeks. From here, look for setbacks to extend towards next key support in the 0.7750 area, with any rallies now expected to be very well capped below 0.8200.

--- Written by Joel Kruger, Technical Currency Strategist

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

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