NZDUSD Tries to stay on top in Forex market
10/11/2017 8:11:59 AM
The NZDUSD pair expanded instant firm recovery move from four month lows but tried to move back above the 0.7105 handle.
The pair has now recoiled around 20-pips from session tops and is now trading with only slight gains around 0.7083 level.
Instant support stays near the 0.7063-57 area, below which the pair is probable to speed up the reduction towards the key 0.7005 psychological mark ahead of its next major support near 0.6938 area.
On the upside, the 0.7105 handle now appears to have arisen as immediate persistence, which if cleared might cause a short-covering bounce back towards the very important 150-day EMA, currently near the 0.7157 area.
FOREX market analysis by FxErvin.