Back
30 Jun 2014
NZD/USD year to date highs short lived
FXStreet (Guatemala) - NZD/USD is trading at 0.8746, down -0.34% on the day, having posted a daily high at 0.8783 and low at 0.8741.
Falling away from this years highs, NZD/USD still retains the 0.87 handle and found demand on 0.8730’s at last Wed/Thursday resistance. Meanwhile, from an economic point of view, ANZ analyst explained that they believe GDP growth in New Zealand is peaking about now. That view was reinforced, they said, strongly with the release of ANZ’s business outlook which revealed a continued downtrend in business sentiment. “Not surprisingly, the agriculture sector is leading business expectations lower. It is this sector that is feeling most immediately the impact of falling commodity prices, which will eventually flow through to the terms of trade and impact the economy’s well-being more generally…We are expecting to see a further decline in June’s ANZ Commodity Price Index – in both world and NZD terms – and, given the recent increase in the NZD, a further decline in the return to domestic dairy producers even if the GDT auction price, on the day, shows signs of further stability”.
NZD/USD Levels
With spot trading at 0.8747, we can see next resistance ahead at 0.8753 (Yesterday's Low), 0.8755 (Daily Classic S1), 0.8768 (Hourly 20 EMA), 0.8775 (Daily Classic PP) and 0.8777 (Daily Open). Support below can be found at 0.8744 (Weekly Classic PP), 0.8741 (Daily Low), 0.8734 (Hourly 100 SMA), 0.8733 (Daily Classic S2) and 0.8717 (Hourly 200 SMA).
Falling away from this years highs, NZD/USD still retains the 0.87 handle and found demand on 0.8730’s at last Wed/Thursday resistance. Meanwhile, from an economic point of view, ANZ analyst explained that they believe GDP growth in New Zealand is peaking about now. That view was reinforced, they said, strongly with the release of ANZ’s business outlook which revealed a continued downtrend in business sentiment. “Not surprisingly, the agriculture sector is leading business expectations lower. It is this sector that is feeling most immediately the impact of falling commodity prices, which will eventually flow through to the terms of trade and impact the economy’s well-being more generally…We are expecting to see a further decline in June’s ANZ Commodity Price Index – in both world and NZD terms – and, given the recent increase in the NZD, a further decline in the return to domestic dairy producers even if the GDT auction price, on the day, shows signs of further stability”.
NZD/USD Levels
With spot trading at 0.8747, we can see next resistance ahead at 0.8753 (Yesterday's Low), 0.8755 (Daily Classic S1), 0.8768 (Hourly 20 EMA), 0.8775 (Daily Classic PP) and 0.8777 (Daily Open). Support below can be found at 0.8744 (Weekly Classic PP), 0.8741 (Daily Low), 0.8734 (Hourly 100 SMA), 0.8733 (Daily Classic S2) and 0.8717 (Hourly 200 SMA).