FxWirePro: NZD/USD sees major resistance at nearly converged 5&20-DMAs (0.7171), good to short rallies

• NZD/USD finds major resistance around 0.7171 level which is nearly converged 5&20-DMAs.
   
• 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 0.7040.
   
• Revived hopes of a Fed hike by the end of this year further weighing on higher-yielding currencies.
   
• Major support levels - 0.7109 (Oct 7 low), 0.7080 (50% Fib), 0.7040 (trendline), 0.7035 (Oct 13 low)
   
• Major resistance levels - 0.7171 (converged 5&20 DMA), 0.7175 (38.2% Fib), 0.7188 (100-DMA)
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Recommendation: Good to sell rallies around 0.7160, SL: 0.7220, TP: 0.7135/ 0.71/ 0.7080/ 0.7040