15 Dec 2015
Muted reaction in NZD/USD following GDT auction
FXStreet (Mumbai) - The NZD/USD pair inched a couple of pips higher to 0.6783 after the GlobalDairyTrade (GDT) Price Index rose 1.9% at Fonterra’s latest auctions.
Consequently, the bid tone on the NZD failed to gather ace. Meanwhile, the rise in the treasury yields following the upbeat US November CPI release increased demand for the US dollar.
NZD/USD Technical Levels
At 0.6777, the immediate resistance is seen at 0.6787 (76.4% of 0.6897-0.6428), above which the gains could be extended to 0.6826 (daily high). A break higher would expose 0.6878 (200-DMA). On the other hand, support is seen at 0.6714 (23.6% of 0.6236-0.6897), under which the losses could be extended to 0.67 handle.
Consequently, the bid tone on the NZD failed to gather ace. Meanwhile, the rise in the treasury yields following the upbeat US November CPI release increased demand for the US dollar.
NZD/USD Technical Levels
At 0.6777, the immediate resistance is seen at 0.6787 (76.4% of 0.6897-0.6428), above which the gains could be extended to 0.6826 (daily high). A break higher would expose 0.6878 (200-DMA). On the other hand, support is seen at 0.6714 (23.6% of 0.6236-0.6897), under which the losses could be extended to 0.67 handle.