28 May 2014
NZD/USD up on Fonterra news
FXStreet (Guatemala) - NZD/USD is trading at 0.8565, having posted a daily high at 0.8571 and low at 0.8556.
NZD/USD has moved up from 0.8540 to 0.8565 in response to the Fonterra news, ”.Sean Callow, strategist at Westpac Banking Corporation AB explained Fonterra expects next season's payout to dairy farmers to be well down on the current season. “Fonterra expects to pay farmers $7.00/KgMs for the 2014/15 season. While this was probably a touch stronger than the market had been expecting, it is very consistent with our own milk price forecast which sits at $7.10. Also as expected, Fonterra downgraded its current season milk price forecast to $8.40/Kg Ms (down from $8.65)”.
RSI moves to overbought territory
Meanwhile, The FXStreet OB/OS Index is reflecting overbought hourly conditions, while the FXStreet Trend Index is slightly bullish. Currently RSI is at 70.75, up from the last hourly print at 64.74, with ADX at 51.97, up from its previous close at 29.91.
NZD/USD Levels
Current price is 0.8567, with resistance ahead at 0.8571 (Daily High), 0.8576 (Weekly High), 0.8577 (Weekly Classic PP), 0.8578 (Daily Classic R2) and 0.8582 (Yesterday's High). Next support to the downside can be found at 0.8563 (Daily Classic R1), 0.8563 (Daily Open), 0.8556 (Daily Low), 0.8556 (Hourly 100 SMA) and 0.8550 (Hourly 20 EMA).
NZD/USD has moved up from 0.8540 to 0.8565 in response to the Fonterra news, ”.Sean Callow, strategist at Westpac Banking Corporation AB explained Fonterra expects next season's payout to dairy farmers to be well down on the current season. “Fonterra expects to pay farmers $7.00/KgMs for the 2014/15 season. While this was probably a touch stronger than the market had been expecting, it is very consistent with our own milk price forecast which sits at $7.10. Also as expected, Fonterra downgraded its current season milk price forecast to $8.40/Kg Ms (down from $8.65)”.
RSI moves to overbought territory
Meanwhile, The FXStreet OB/OS Index is reflecting overbought hourly conditions, while the FXStreet Trend Index is slightly bullish. Currently RSI is at 70.75, up from the last hourly print at 64.74, with ADX at 51.97, up from its previous close at 29.91.
NZD/USD Levels
Current price is 0.8567, with resistance ahead at 0.8571 (Daily High), 0.8576 (Weekly High), 0.8577 (Weekly Classic PP), 0.8578 (Daily Classic R2) and 0.8582 (Yesterday's High). Next support to the downside can be found at 0.8563 (Daily Classic R1), 0.8563 (Daily Open), 0.8556 (Daily Low), 0.8556 (Hourly 100 SMA) and 0.8550 (Hourly 20 EMA).