16 Jun 2015
NZD/USD fail to recover ground, back to daily lows
FXStreet (Córdoba) - The kiwi gained momentum against the US dollar after Wall Street opening bell but it failed to climb above 0.7000 and is now back into negative territory for the day after the results of the dairy auction where the GlobalDairyTrade Price index declined 1.3% from the previous event.
Support at 0.6970
NZD/USD dropped on European hours and found support around the 0.6970 area and then bounced to the upside, reaching 0.7000 just an hour ago. But the decline in dairy prices and a recovery of the US dollar in the market pushed the pair back to the lows.
So far it has been able to hold above 0.6970 (immediate support) and it trades at 0.6980, down 25 ips from yesterday’s closing price.
NZD/USD sideways near the bottom
The pair continues to move sideways near 0.7000, consolidating after falling 250 pips last week following the Reserve Bank of New Zealand rate cut. The kiwi remains among the weakest currencies in the forex market.
Support at 0.6970
NZD/USD dropped on European hours and found support around the 0.6970 area and then bounced to the upside, reaching 0.7000 just an hour ago. But the decline in dairy prices and a recovery of the US dollar in the market pushed the pair back to the lows.
So far it has been able to hold above 0.6970 (immediate support) and it trades at 0.6980, down 25 ips from yesterday’s closing price.
NZD/USD sideways near the bottom
The pair continues to move sideways near 0.7000, consolidating after falling 250 pips last week following the Reserve Bank of New Zealand rate cut. The kiwi remains among the weakest currencies in the forex market.