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NZD/USD Classical Technical Report 05.10

NZD/USD Classical Technical Report 05.10

Joel Kruger, Technical Strategist
Daily_Classical_NZDUSD_body_nzd.png, NZD/USD Classical Technical Report 05.10

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 days. From here, look for setbacks to extend towards next key support in the 0.7700 area, with any rallies now expected to be very well capped below 0.8100.

--- Written by Joel Kruger, Technical Currency Strategist

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.