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NZD/USD Classical Technical Report 10.31
Written by article default Monday, 31 October 2011 06:52
NZD/USD: Any rallies are classified as corrective, with the market still locked within a well defined downtrend. As such, we would expect to see the current bounce well capped below 0.8250 on a daily close basis in favor of the next major downside extension back towards and eventually below 0.7465. Ultimately, only a daily close back above 0.8250 would delay outlook and give reason for pause. Back under 0.7860 will confirm and accelerate declines.
--- Written by Joel Kruger, Technical Currency Strategist
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