8 Apr 2015
NZD/USD: 0.75 handle under pressure
FXStreet (Guatemala) - NZD/USD is currently trading at 0.7546 with a high of 0.7608 and a low of 0.7481.
NZD/USD is offered on the back of a hawkish set of FOMC minutes where several members of the committee favoured a rate hike sooner than later and that leaves June on the cards as a possible timing still that he markets had otherwise, in the main, written off. Technically, the bird is testing the bulls commitments here at S1 that guards the 0.7500 psychological level ahead of the pivot on follow through in a long squeeze. 0.7480 guards space to 0.7400 and April lows circa 0.7390.
Meanwhile, Imre Specizer, analyst at Westpac Banking corporation explained that the commodity price weakness is impacting on the bird and said it has been most pronounced in the dairy sector. "Whole milk powder prices fell 55% in 2014, rebounded by 47% in early 2015 on fears the NZ drought would shrink supply, and has resumed the decline during the past month as drought concerns were overplayed in hindsight. European supply is set to expand due to production-quota removal, presenting downside risks for dairy prices and, in turn, NZD/USD during the months ahead."
NZD/USD is offered on the back of a hawkish set of FOMC minutes where several members of the committee favoured a rate hike sooner than later and that leaves June on the cards as a possible timing still that he markets had otherwise, in the main, written off. Technically, the bird is testing the bulls commitments here at S1 that guards the 0.7500 psychological level ahead of the pivot on follow through in a long squeeze. 0.7480 guards space to 0.7400 and April lows circa 0.7390.
Meanwhile, Imre Specizer, analyst at Westpac Banking corporation explained that the commodity price weakness is impacting on the bird and said it has been most pronounced in the dairy sector. "Whole milk powder prices fell 55% in 2014, rebounded by 47% in early 2015 on fears the NZ drought would shrink supply, and has resumed the decline during the past month as drought concerns were overplayed in hindsight. European supply is set to expand due to production-quota removal, presenting downside risks for dairy prices and, in turn, NZD/USD during the months ahead."