NZD/USD drops below 0.6700 after GDT auction

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - The New Zealand dollar came under mild pressure on Tuesday following the release of the Fonterra dairy index, which showed a drop of 1.6% since the previous auction.

    NZD/USD broke below the 0.67 level and fell to fresh 2-week lows, although it halted the decline just a few pips ahead of the 50-day SMA. At time of writing, NZD/USD is trading at 0.6681, having scored a low of 0.6676 in recent dealings.

    NZD/USD key levels

    As for technical levels, next supports are seen at 0.6668 (50-day SMA), 0.6593 (Dec 9 low) and 0.6580 (100-day SMA). On the flip side, resistances line up at 0.6762 (21-day SMA), 0.6806 (10-day SMA) and 0.6835 (200-day SMA).
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