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NZD/USD breaks below 0.70 handle, short rallies : FxWirePro | October 23, 2017



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NZD/USD 0.44% pauses downside, edges higher from fresh 5-month lows at 0.6931.

The pair is up 0.19% on the day, trading at 0.6969 at the time of writing.

Technical studies have turned bearish , momentum with the bears, MACD supports downtrend.

We notice -ve DMI 0.63% dominance and ADX is above 25 levels and biased higher.

The pair has breached major supports at 0.7057 ( trendline ), 0.7040 ( trendline ) and 0.6976 (78.6% Fib).

Scope now for test of 0.69 levels ahead of 0.6817 (May 2017 low). We see bearish invalidation only above 200-DMA at 0.7160



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