16 Dec 2014
NZD/USD trades below 50-DMA
FXStreet (Mumbai) - The NZD/USD pair is trading below the 50-DMA located at 0.7836, uninspired by the rise in the Global Dairy Trade Price (GDT) Index.
The pair currently trades 0.85% higher at 0.7809 levels, after failing to sustain gains at the high of 0.7850 hit earlier today. The Kiwi has not responded so far to the GDP dairy auction, which showed average prices up 2.4% from the previous event a fortnight ago. Meanwhile, whole milk powder prices average gained 1.4% to USD 2270/MT in the auction.
On the other hand, a weak Markit PMI manufacturing data and a weak housing data in the US failed to provide any significant boost to the New Zealand dollar. Moreover, the 10-yr treasury yields in the US have recovered 4.8 basis points from the low of 2.009% to trade at 2.057%.
NZD/USD Technical Levels
The pair has an immediate resistance at 0.7836 (50-DMA), above which gains could be extended to 0.7872 (Dec. 11 high). Meanwhile, support is seen at 0.7788 (5-DMA) and 0.7754 (10-DMA).
The pair currently trades 0.85% higher at 0.7809 levels, after failing to sustain gains at the high of 0.7850 hit earlier today. The Kiwi has not responded so far to the GDP dairy auction, which showed average prices up 2.4% from the previous event a fortnight ago. Meanwhile, whole milk powder prices average gained 1.4% to USD 2270/MT in the auction.
On the other hand, a weak Markit PMI manufacturing data and a weak housing data in the US failed to provide any significant boost to the New Zealand dollar. Moreover, the 10-yr treasury yields in the US have recovered 4.8 basis points from the low of 2.009% to trade at 2.057%.
NZD/USD Technical Levels
The pair has an immediate resistance at 0.7836 (50-DMA), above which gains could be extended to 0.7872 (Dec. 11 high). Meanwhile, support is seen at 0.7788 (5-DMA) and 0.7754 (10-DMA).