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2 Dec 2014
NZD/USD offered into 0.77’s post heavy supply
FXStreet (Guatemala) - NZD/USD is trading at 0.7798, down -0.99% on the day, having posted a daily high at 0.7893 and low at 0.7785.
NZD/USD has been offered on the day with a stringer greenback in control and dragged down by global milk prices yet again. The Fonterra global daily price fell by 1.1% which however is an improvement on previous -3.1% and vastly better than previous results of late. Nevertheless, the commodity price will continue to weigh on New Zealand's economy (making up 20% merchandised exports and 7% GDP) and the bird while in negative territory and brings the commodity currency deeper into the consolidation of the bear trend, putting 0.8000 further out of reach.
NZD/USD noteworthy levels
With spot trading at 0.7798, we can see next resistance ahead at 0.7814, 0.7832 (Hourly 20 EMA), 0.7845 (Weekly Classic PP) and 0.7856 (Daily Classic PP). Support below can be found at 0.7785 (Daily Low), 0.7760 (Weekly Classic S1), 0.7720 (Daily Classic S2) and 0.7693 (Monthly Low).
NZD/USD has been offered on the day with a stringer greenback in control and dragged down by global milk prices yet again. The Fonterra global daily price fell by 1.1% which however is an improvement on previous -3.1% and vastly better than previous results of late. Nevertheless, the commodity price will continue to weigh on New Zealand's economy (making up 20% merchandised exports and 7% GDP) and the bird while in negative territory and brings the commodity currency deeper into the consolidation of the bear trend, putting 0.8000 further out of reach.
NZD/USD noteworthy levels
With spot trading at 0.7798, we can see next resistance ahead at 0.7814, 0.7832 (Hourly 20 EMA), 0.7845 (Weekly Classic PP) and 0.7856 (Daily Classic PP). Support below can be found at 0.7785 (Daily Low), 0.7760 (Weekly Classic S1), 0.7720 (Daily Classic S2) and 0.7693 (Monthly Low).