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

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 1, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - Global Dairy Trade (GDT) will release its dairy price index, which uses a weighted-average of the percentage changes in dairy prices sold at auction. The index is released every two weeks and has gained relevance lately given the fluctuations in dairy products and its impact in the New Zealand economy.

    The latest reading on November 17th showed a 7.9% decline in the price index compared to it previous release two weeks before.

    A fall in dairy prices will weigh on the New Zealand dollar, and might temper the recovery enjoyed during the last session and put NZD/USD back under pressure.

    NZD/USD technical levels


    In terms of technical levels, NZD/USD could face next resistances at 0.6700 (psychological level), 0.6778 (Nov 3 high) and 0.6791 (Oct 30 high). On the flip side, supports are seen at 0.6591 (50-day SMA), 0.6540 (100-day SMA) and 0.6500 (psychological level) ahead of 0.6457 (61.8% Fibo of 0.6185-0.6897).
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