20 Jan 2015
NZD/USD posts fresh session lows at 0.7709
FXStreet (Mumbai) - The New Zealand dollar continued its downtrend in the early European morning, falling to fresh session low at 0.7709 levels an hour ago.
Currently, the NZD/USD traded at 0.7719 levels, down -0.81% on the day, having previously hit day’s high at 0.7782 levels. The NZD/USD pair may attack 0.77 levels as traders now turn their attention towards the upcoming Global Dairy Trade (GDT) Index and the Kiwi nation’s CPI print. New Zealand inflation data is expected to show prices remained flat in the fourth quarter, inching down from 0.3% growth in the third quarter. Moreover, reports that ANZ slashed 2014/15 NZ milk price forecast again to $ 4.35kg MS also added to the downside in NZD/USD.
Earlier, NZD/USD shrugged off upbeat NZ Business confidence numbers and also failed to find support from better than forecasts Chinese GDP and retails sales numbers.
NZD/USD Technical Levels
To the upside, the next resistance is located at 0.7771 (50-DMA) and above which it could extend gains to 0.7810 (100-DMA) levels. To the downside, immediate support might be located at 0.7701 (Jan 15 Low) levels and below that at 0.7688 (Jan 14 Low) levels.
Currently, the NZD/USD traded at 0.7719 levels, down -0.81% on the day, having previously hit day’s high at 0.7782 levels. The NZD/USD pair may attack 0.77 levels as traders now turn their attention towards the upcoming Global Dairy Trade (GDT) Index and the Kiwi nation’s CPI print. New Zealand inflation data is expected to show prices remained flat in the fourth quarter, inching down from 0.3% growth in the third quarter. Moreover, reports that ANZ slashed 2014/15 NZ milk price forecast again to $ 4.35kg MS also added to the downside in NZD/USD.
Earlier, NZD/USD shrugged off upbeat NZ Business confidence numbers and also failed to find support from better than forecasts Chinese GDP and retails sales numbers.
NZD/USD Technical Levels
To the upside, the next resistance is located at 0.7771 (50-DMA) and above which it could extend gains to 0.7810 (100-DMA) levels. To the downside, immediate support might be located at 0.7701 (Jan 15 Low) levels and below that at 0.7688 (Jan 14 Low) levels.