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GDT index drops 7.9%, NZD/USD generally steady

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 17, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The NZD/USD shed a few pips, but appears steady, slightly above the daily low of 0.6452 after the decline in the GDT price index was larger than expected.

    Milk priced dropped 11%

    The latest Fonterra GlobalDairyTrade (GDT) auction resulted in a 7.9% drop in prices, marking a third consecutive decline in prices. Milk prices also dropped 11%.

    The Kiwi dropped to 0.6458, but has quickly regained poised to trade near 0.6480 levels. The US industrial production contracted 0.2% in October as opposed to the expected to 0.1% from September’s 0.25 fall and that appears to have put a floor under the Kiwi for now.

    NZD/USD Technical Levels

    The immediate resistance is seen at 0.65, above which the pair could test 0.6546 (50-DMA) and 0.6553 (100-DMA). On the other side, support is seen at 0.6446 (Sep 17 high) and 0.64 levels.
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