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GDT price index preview: What to expect of NZD/USD?

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 (Córdoba) - Today, Global Dairy Trade will release its GDT price index, which uses a weighted-average of the percentage changes in dairy prices sold at auction. The tentative time for release is around 14:00 - 15:00 GMT.

    The index has gained relevance lately given the fluctuations in dairy products and its impact in the New Zealand economy. The latest reading showed a 7.4% decline in the price index compared to its previous release two weeks before.

    Dairy prices are leant by futures to fall further. A sharp drop in dairy prices will weigh on the New Zealand dollar, fading the bounce enjoyed during the European session and putting NZD/USD aiming for lower lows.

    NZD/USD levels to watch

    In terms of technical levels, NZD/USD could face next supports at 0.6457/52 (61.8% Fibo of 0.6185-0.6897/Nov 17 low), 0.6437 (Oct 5 low) and then 0.6383 (Oct 2 low). On the other hand, resistances are seen at 0.6547/0.6555 (50-day SMA/100-day SMA), 0.6587 (Nov 11 high) and 0.6642 (Nov 5 high).
    For more information, read our latest forex news.

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