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NZD/USD Classical Technical Report 06.12

NZD/USD Classical Technical Report 06.12

2012-06-12 05:56:00
Joel Kruger, Technical Strategist
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Daily_Classical_NZDUSD_body_nzd.png, NZD/USD Classical Technical Report 06.12

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 weeks below next key medium-term support at.7370. However, at this point, daily studies are looking stretched and we would not at all be surprised to see a minor corrective bounce towards 0.7900 from where the next lower top will be sought out. A closer look at the daily chart confirms, with the formation of a double bottom following the break back over 0.7650.

--- Written by Joel Kruger, Technical Currency Strategist

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

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