Wednesday, January 19, 2011

NZD/USD | Morning Analysis | 19 January 2011

NZD/USD | Morning Analysis | 19 January 2011

Although the NZD/USD currency pairing has rallied impressively from the recent 0.7345 lows, the price action is merely corrective and look for a fresh high to carve out somewhere ahead of the 0.7835 as seen previously back in November before the next major decline.

Look for a break and close back below 0.7500 to strengthen this outlook and accelerate a decline towards 0.7345 and perhaps lower. Only a close above 0.7835 can negate this and force a restructure in the analysis.

January 19, 2011 - by David Frank, Financial Analyst, Ava Fx