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3 Apr 2014
NZD/USD reached 0.8514 low, but corrected higher
FXStreet (Moscow) - NZD/USD is down -0.50% on the day at 0.8526, having previously posted a daily high at 0.8582 and a low at 0.8514.
The kiwi is on the way to March lows
The kiwi is probably the worst performing currency of the week-to-day, as it lost more than 150 pips from Monday open. There was no scheduled data from New Zealand yesterday, neither we had it today, but dairy prices plunged 8.9% at Wednesday morning’s Fonterra Cooperative Group’s online auction. And that is the reason to make the kiwi cry - over the past 2 months, dairy prices have fallen 18% after farmers increased production in response to higher prices. On the back of the impressive dairy prices plunge the rumors on possible RBNZ slowing rate hikes are spreading across the market. Thus, the further move down is still not ruled out, and the initial target in that case is at 0.8494.
What are today’s key NZD/USD levels?
Today's central pivot point can be found at 0.8586, with support below at 0.8532, 0.8494 and 0.8440, with resistance above at 0.8624, 0.8678 and 0.8716. Hourly Moving Averages are bearish, with the 200SMA at 0.8613 and the daily 20EMA at 0.8553. Hourly RSI is neutral at 31.
The kiwi is on the way to March lows
The kiwi is probably the worst performing currency of the week-to-day, as it lost more than 150 pips from Monday open. There was no scheduled data from New Zealand yesterday, neither we had it today, but dairy prices plunged 8.9% at Wednesday morning’s Fonterra Cooperative Group’s online auction. And that is the reason to make the kiwi cry - over the past 2 months, dairy prices have fallen 18% after farmers increased production in response to higher prices. On the back of the impressive dairy prices plunge the rumors on possible RBNZ slowing rate hikes are spreading across the market. Thus, the further move down is still not ruled out, and the initial target in that case is at 0.8494.
What are today’s key NZD/USD levels?
Today's central pivot point can be found at 0.8586, with support below at 0.8532, 0.8494 and 0.8440, with resistance above at 0.8624, 0.8678 and 0.8716. Hourly Moving Averages are bearish, with the 200SMA at 0.8613 and the daily 20EMA at 0.8553. Hourly RSI is neutral at 31.