8 Dec 2014
NZD recovers slightly from two-year lows
FXStreet (Mumbai) - The Kiwi has recovered slightly from the two-year low of 0.7622 hit earlier today as the US Treasury yield weakened to trade at the day’s low.
The NZD/USD pair now trades 0.69% lower at 0.7662 levels. Investors have priced-in earlier today the possibility of a lower dairy payout when Fonterra Cooperative Group's board will review its forecast tomorrow. The board is likely to reduce its forecast payout to farmers as the recovery in global dairy prices is unlikely with milk futures falling in last three weeks.
NZD/USD Technical Levels
The pair has a strong support located at 0.75 (May 2012 level), under which prices can fall to 7557 (100-month SMA). Meanwhile, resistance is seen at 0.7711 and 0.7744 levels.
The NZD/USD pair now trades 0.69% lower at 0.7662 levels. Investors have priced-in earlier today the possibility of a lower dairy payout when Fonterra Cooperative Group's board will review its forecast tomorrow. The board is likely to reduce its forecast payout to farmers as the recovery in global dairy prices is unlikely with milk futures falling in last three weeks.
NZD/USD Technical Levels
The pair has a strong support located at 0.75 (May 2012 level), under which prices can fall to 7557 (100-month SMA). Meanwhile, resistance is seen at 0.7711 and 0.7744 levels.