Technical analysis of NZD/USD for October 20, 2017

NZDUSDM30.png

Our first target which we predicted in yesterday's analysis has been hit. NZD/USD is still uder pressure. The pair accelerated on the downside and is trading below its descending 50-period moving average. The relative strength index is below its neutrality level at 50.

To conclude, as long as 0.7060 holds on the upside, look for a return to 0.7060. A break below this level would trigger another drop to 0.6900.

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: 0.7115, 0.7150, and 0.7175

Support levels: 0.6930, 0.6900, and 0.6865

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