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NZD/USD Classical Technical Report 05.11

NZD/USD Classical Technical Report 05.11

2012-05-11 08:01:00
Joel Kruger, Technical Strategist
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daily_classical_kiwi_body_nzd.png, NZD/USD Classical Technical Report 05.11

NZD/USD: The market has extended declines significantly since breaking down below some key multi-week support at 0.8050, and risks remain for deeper setbacks over the coming days towards 0.7700. However, at this point, daily studies are looking stretched and we would not at all be surprised to see a minor corrective bounce towards 0.8000 from where the next lower top will be sought out.

--- Written by Joel Kruger, Technical Currency Strategist

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

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