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15 May 2015
NZD/USD in red near 0.7470
FXStreet (Mumbai) - The New Zealand extends declines and remains deep in losses against the American dollar in a quiet mid-Asian session, with NZD/USD moving away from 0.75 barrier. The Kiwi lost ground this session after dairy giant Fonterra slashed its forecasts for dairy products.
NZD/USD supported at 0.7495
Currently, the NZD/USD pair trades lower by -0.38% at 0.7472, recovering from session lows at 0.7454. NZD/USD continues its downtrend in Asian trading following announcement by New Zealand's biggest dairy company Fonterra that it expects to see smaller quantities of dairy products being put up for sale at its fortnightly Global Dairy Trade (GDT) auction over the coming year.
Dairy product is New Zealand’s top exporting product.
Moreover, broadly supported US dollar following neutral set of economic data released yesterday also keeps the NZD/USD pair under pressure.
Meanwhile, markets now await US industrial production and consumer sentiment data due later in the US session for further momentum.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7500 levels and above which it could extend gains to 0.7563 (May 14 High) levels. To the downside immediate support might be located at 0.7450 levels below that at 0.7423 levels.
NZD/USD supported at 0.7495
Currently, the NZD/USD pair trades lower by -0.38% at 0.7472, recovering from session lows at 0.7454. NZD/USD continues its downtrend in Asian trading following announcement by New Zealand's biggest dairy company Fonterra that it expects to see smaller quantities of dairy products being put up for sale at its fortnightly Global Dairy Trade (GDT) auction over the coming year.
Dairy product is New Zealand’s top exporting product.
Moreover, broadly supported US dollar following neutral set of economic data released yesterday also keeps the NZD/USD pair under pressure.
Meanwhile, markets now await US industrial production and consumer sentiment data due later in the US session for further momentum.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7500 levels and above which it could extend gains to 0.7563 (May 14 High) levels. To the downside immediate support might be located at 0.7450 levels below that at 0.7423 levels.