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27 May 2015
NZD/USD volatility on Fonterra, snap back off lows
FXStreet (Guatemala) - NZD/USD is trading at 0.7259 with a high of 0.7269 and a low of 0.7212.
NZD/UD has been unstable and has seen some movement in illiquid early Asia, dropping initially to the downside immediately post Fonterra suggesting that the market is oversupplied with dairy commodities cutting down their Farmgate milk price 2014/15 and 2015/16 while global prices hadn't increased as expected. The prices were cut for 2014/15to NZ$4.40/kg while forecasts for 2015/16 milk payout were NZ$5.25/kg.
Technically, NZD/USD has 0.7220 still acting as support on May lows while the March low at 0.7183 and the Feb low at 0.7176 are of interest below here. The key support may come as 0.7108 being the 2011 March low as a psychological target.
NZD/UD has been unstable and has seen some movement in illiquid early Asia, dropping initially to the downside immediately post Fonterra suggesting that the market is oversupplied with dairy commodities cutting down their Farmgate milk price 2014/15 and 2015/16 while global prices hadn't increased as expected. The prices were cut for 2014/15to NZ$4.40/kg while forecasts for 2015/16 milk payout were NZ$5.25/kg.
Technically, NZD/USD has 0.7220 still acting as support on May lows while the March low at 0.7183 and the Feb low at 0.7176 are of interest below here. The key support may come as 0.7108 being the 2011 March low as a psychological target.