Technical analysis of NZD/USD for October 11, 2017

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NZD/USD is expected to trade with a bearish outlook as the key resistance at 0.7095. The pair is under pressure below the key resistance at 0.7095. The relative strength index lacks upward momentum. The U.S. dollar continued to lose ground to the euro and the British pound which were boosted by upbeat economic data.

Therefore, as long as 0.7095 holds on the upside, a return to 0.7030 is expected. A break below this level would trigger a new drop to 0.7000.

The black line is showing the pivot point. Currently, the price is above the pivot point, which indicates long positions. If it remains below the pivot point, it will indicate short positions. The red lines are showing the support levels and the green line is indicating the resistance levels. These levels can be used to enter and exit trades.

Resistance levels: 0.7120, 0.7145, and 0.7170

Support levels: 0.7030, 0.7000, and 0.6955

The material has been provided by InstaForex Company - www.instaforex.com