NZD/USD falls below 0.6700 after GDT price index

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - The New Zealand dollar came under pressure and broke below the 0.67 mark against the greenback after data showed Fonterra gauge of dairy prices fell 7.4% from previous auction.

    The decline on dairy prices sent NZD/USD to a fresh 5-day low of 0.6668, with the pair losing more than 40 pips as the knee-jerk reaction. The NZD was already under pressure amid broad US dollar strength amid lack of fundamental triggers.

    NZD/USD technical levels

    In terms of technical levels, NZD/USD could find next supports at 0.6647 (Oct 29 low), 0.6621 (Oct 28 low) and 0.6589 (100-day SMA). On the flip side, resistances line up at 0.6735 (21-day SMA), 0.6791 (Oct 30 high) and 0.6813 (Oct 27 high).
    For more information, read our latest forex news.

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