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2 Jul 2014
NZD/USD pacing itself if this is constructive
FXStreet (Guatemala) - NZD/USD is trading at 0.8770, down -0.03% on the day, having posted a daily high at 0.8777 and low at 0.8747.
NZD/USD has made a triple bottom on 0.8750 but lacks any conviction to the upside while it struggles through the resistance ahead of 0.8780 and markedly lower than this week’s highs through 0.8790 still. Looking to momentum indicators, the hourly 200 SMA is currently at 0.8764, up from the last close at 0.8739 and climbing still. Sam Tuck, ANZ Research explained that they have increased their emphasis on their NZD/USD sell on rallies view, due to continued dairy price declines. "Dairy prices continue to fall, price action is a worry, and we see downside risks to the Fonterra 2014-15 milk price forecast…We note a material tightening of financial conditions in New Zealand of late."
NZD/USD Levels
With spot trading at 0.8771, we can see next resistance ahead at 0.8773 (Daily Classic PP), 0.8774 (Daily Open), 0.8777 (Daily High), 0.8780 (Monthly High) and (Weekly High). Support below can be found at 0.8765 (Hourly 20 EMA), 0.8764 (Hourly 100 SMA), 0.8751 (Daily Classic S1), 0.8750 (Yesterday's Low) and 0.8747 (Daily Low).
NZD/USD has made a triple bottom on 0.8750 but lacks any conviction to the upside while it struggles through the resistance ahead of 0.8780 and markedly lower than this week’s highs through 0.8790 still. Looking to momentum indicators, the hourly 200 SMA is currently at 0.8764, up from the last close at 0.8739 and climbing still. Sam Tuck, ANZ Research explained that they have increased their emphasis on their NZD/USD sell on rallies view, due to continued dairy price declines. "Dairy prices continue to fall, price action is a worry, and we see downside risks to the Fonterra 2014-15 milk price forecast…We note a material tightening of financial conditions in New Zealand of late."
NZD/USD Levels
With spot trading at 0.8771, we can see next resistance ahead at 0.8773 (Daily Classic PP), 0.8774 (Daily Open), 0.8777 (Daily High), 0.8780 (Monthly High) and (Weekly High). Support below can be found at 0.8765 (Hourly 20 EMA), 0.8764 (Hourly 100 SMA), 0.8751 (Daily Classic S1), 0.8750 (Yesterday's Low) and 0.8747 (Daily Low).