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FxWirePro: NZD/USD struggles to close above 20-DMA, intraday bias lower

Thursday, October 27, 2016 12:14 PM UTC

NZD/USD struggles to extend gains above 20-DMA, major resistance on the upside.
After a brief pause on Tuesday, the pair is extending downside from 2-week highs of 0.7267 hit on 20th Oct.
Technical indicators remain bearish, scope for test of trendline support at 0.7060.
Major support levels - 0.7109 (Double bottom - Oct 7, 25), 0.7080 (50% Fib), 0.7060 (trendline)
Major resistance levels - 0.7151 (5-DMA), 0.7160 (20-DMA), 0.7175 (38.2% Fib), 0.7190 (100-DMA)
Our previous call (http://www.econotimes.com/FxWirePro-NZD-USD-trades-a-narrow-range-finds-stiff-resistance-at-100-DMA-07190-366838) has hit TP1.
Recommend holding for further downside.

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FxWirePro: NZD/USD struggles to close above 20-DMA, intraday bias lower

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