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NZD/USD edges lower after Fonterra's dairy auction

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - NZD/USD edged lower and hit fresh daily lows after Fonterra's Global Dairy Trade price index fell 7.4% at today’s auction.

    NZD/USD fell under previous daily lows and hit a fresh one at 0.6460 after the GDT auction figures were released. However, data had only mild impact on the kiwi, which continues to trade well within yesterday’s range. At time of writing, NZD/USD is trading at 0.6465, down 1.19% on the day.

    The previous Fonterra reading on January 19th showed a 1.4% decline in the price index. The index has gained relevance lately, as approximately 7% of New Zealand GDP comes from milk exports.

    NZD/USD technical levels

    As for technical levels, if NZD/USD breaks below 0.6447 (Feb 1 low), next supports could be found at 0.6410 (Jan 21 low) and 0.6347 (Jan 20 low). On the flip side, resistances line up at 0.6557 (Feb 1 high), 0.6589/93 (Jan 13 high/100-day SMA) and 0.6626 (50- day SMA).
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