15 Jul 2015
NZD/USD supported before GDT dairy auction
FXStreet (Guatemala) - NZD/USD is currently trading at 0.6702 with a high of 0.6724 and a low of 0.6701.
NZD/USD is supported at the 0.67 handle as we approach the GDT dairy auction coming up on the hour.
NZD/USD rallied with a weaker display from the greenback overnight on the back of the retail sales data that, although was poor, was perhaps somewhat confusing and overall doesn't change the promising future outlook. We await Yellen's testimony this week to give the markets the next catalyst for the time being. But key for now is the GDT dairy auction, where, as analysts at BNZ pointed out, the signs are still not good.
Technically, The eFXnews team offered Barcaps outlook. "Yesterday’s bullish engulfing candle points to profit taking in the short term. We would look to use any upticks as an opportunity to sell at better levels, Resistance near 0.6925 is expected to cap a move lower towards our targets near the 0.6560 multi-month range lows."
NZD/USD is supported at the 0.67 handle as we approach the GDT dairy auction coming up on the hour.
NZD/USD rallied with a weaker display from the greenback overnight on the back of the retail sales data that, although was poor, was perhaps somewhat confusing and overall doesn't change the promising future outlook. We await Yellen's testimony this week to give the markets the next catalyst for the time being. But key for now is the GDT dairy auction, where, as analysts at BNZ pointed out, the signs are still not good.
Technically, The eFXnews team offered Barcaps outlook. "Yesterday’s bullish engulfing candle points to profit taking in the short term. We would look to use any upticks as an opportunity to sell at better levels, Resistance near 0.6925 is expected to cap a move lower towards our targets near the 0.6560 multi-month range lows."