Technical analysis of NZD/USD for October 06, 2017

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All our targets which we predicted in yesterday's analysis have been hit. NZDUSD is still under pressure and expected to trade in a lower range. The pair recorded lower tops and lower bottoms since Oct. 3, which confirmed a negative outlook. The downward momentum is further reinforced by both declining 20-period and 50-period moving averages. The relative strength index advocates for a further decline.

To conclude, below 0.7120, look for a new test with targets at 0.7030 and 0.7000 in extension.

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: 0.7145, 0.7170, and 0.7200

Support levels: 0.7030, 0.7000, and 0.6955

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