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7 Jan 2015
NZD/USD ticks down, trades at 10-DMA
FXStreet (Mumbai) - The New Zealand dollar edged lower against the US counterpart in the Asian morning, wiping out gains witnessed in the previous session after Fonterra's dairy trade auction showed the second consecutive rise of 3.6% versus the previous hike of 2.4%.
Currently, the NZD/USD trades at 0.7753, down -0.10% on the day, having hit day’s high at 0.7766 levels in the early Asian hours. The NZD/USD pair pared yesterday’s gains and edged lower after bearish NZ commodity prices report which reflected that Commodity Price Index fell a further 4.4% in December, the tenth consecutive monthly decrease in the index. The index weakened 17% in 2014, marking the greatest annual decline in 2½-years.
Moreover, NZD/USD remains pressured as the US dollar regained strength versus most of the major currencies after a temporary correction seen in the previous session.
NZD/USD Technical Levels
To the upside, the next resistance is located at 0.7778 (Dec 26 High) and above which it could extend gains to 0.7804 (Dec 17 High) levels. To the downside, immediate support might be located at 0.7690 (Dec 23 Low) levels and below that at sub 0.7620 levels.
Currently, the NZD/USD trades at 0.7753, down -0.10% on the day, having hit day’s high at 0.7766 levels in the early Asian hours. The NZD/USD pair pared yesterday’s gains and edged lower after bearish NZ commodity prices report which reflected that Commodity Price Index fell a further 4.4% in December, the tenth consecutive monthly decrease in the index. The index weakened 17% in 2014, marking the greatest annual decline in 2½-years.
Moreover, NZD/USD remains pressured as the US dollar regained strength versus most of the major currencies after a temporary correction seen in the previous session.
NZD/USD Technical Levels
To the upside, the next resistance is located at 0.7778 (Dec 26 High) and above which it could extend gains to 0.7804 (Dec 17 High) levels. To the downside, immediate support might be located at 0.7690 (Dec 23 Low) levels and below that at sub 0.7620 levels.