For Traders

Analytical Reviews

Technical analysis

10.10.201708:35 Forex Analysis & Reviews: Technical analysis of NZD/USD for October 10, 2017

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

NZD/USD is under pressure and expected to continue the downside movement. The pair is under pressure below the key resistance at 0.7085 (the high of Oct. 9). The downward momentum is further reinforced by both declining 20-period and 50-period moving averages. The relative strength index is bearish and calls for another downside.

To sum up, as long as 0.7085 is not surpassed, 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: 0.7120, 0.7145, and 0.7170

Support levels: 0.7030, 0.7000, and 0.6955

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.