10 Mar 2015
NZD/USD regains 0.7300
FXStreet (Mumbai) - NZD/USD remains suppressed in the European morning, slightly retreating from fresh five week lows reached in the Asian session on reports of contamination threats at dairy giant Fonterra.
NZD/USD rises from 0.7277 levels
Currently, the NZD/USD pair trades -0.71% lower at 0.7304, recovering from a dip to fresh five week lows at 0.7277 levels. NZD/USD recovered partial losses and remains in red as the New Zealand dollar was heavily sold-off in Asia hours after reports that police are looking for information regarding contamination threats made to New Zealand's biggest dairy company, Fonterra. Milk powder makes up a large portion of New Zealand's exports.
However, NZ police and the Ministry for Primary Industries clarified of no such threats which lifted NZD/USD away from fresh monthly lows. Moreover, a retreat in the US dollar index from fresh multi-year highs also contributed to the minor recovery in the Kiwi.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7341 (Today’s high) levels and above which it could extend gains to 0.7349 (Jan 29 High) levels. To the downside immediate support might be located at 0.7234 (Feb 2 Low) levels below that at 0.7174 (Feb 3 Low) levels.
NZD/USD rises from 0.7277 levels
Currently, the NZD/USD pair trades -0.71% lower at 0.7304, recovering from a dip to fresh five week lows at 0.7277 levels. NZD/USD recovered partial losses and remains in red as the New Zealand dollar was heavily sold-off in Asia hours after reports that police are looking for information regarding contamination threats made to New Zealand's biggest dairy company, Fonterra. Milk powder makes up a large portion of New Zealand's exports.
However, NZ police and the Ministry for Primary Industries clarified of no such threats which lifted NZD/USD away from fresh monthly lows. Moreover, a retreat in the US dollar index from fresh multi-year highs also contributed to the minor recovery in the Kiwi.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7341 (Today’s high) levels and above which it could extend gains to 0.7349 (Jan 29 High) levels. To the downside immediate support might be located at 0.7234 (Feb 2 Low) levels below that at 0.7174 (Feb 3 Low) levels.