9 Dec 2014
NZD/USD trades near 2-1/2 year low
FXStreet (Mumbai) - The New Zealand dollar extended losses for the fourth consecutive session and trades lower in Asian trading as falling commodity prices and weak Chinese import data continued to weigh on the Kiwi.
The NZD/USD pair trades at 0.7631 levels, 0.28% lower as compared to previous session’s close of 0.7653. The pair continues facing downward pressure amid falling commodity prices and disappointing Chinese trade numbers which showed imports to New Zealand's biggest export partner sliding 6.7% year-on-year in November.
The kiwi also remains under pressure ahead of Wednesday’s Fonterra milk-price forecasts, with expectations of downside revision to its current price forecast for its dairy products.
NZD/USD Technical Levels
To the upside, the next resistance is located at 0.7682 (50-day SMA), above which it could extend gains to 0.7725 (100-day SMA) levels. To the downside immediate support might be located at 0.7606 (Sept 2011 Low), below that at 0.7580 (April 2011 Low) levels.
The NZD/USD pair trades at 0.7631 levels, 0.28% lower as compared to previous session’s close of 0.7653. The pair continues facing downward pressure amid falling commodity prices and disappointing Chinese trade numbers which showed imports to New Zealand's biggest export partner sliding 6.7% year-on-year in November.
The kiwi also remains under pressure ahead of Wednesday’s Fonterra milk-price forecasts, with expectations of downside revision to its current price forecast for its dairy products.
NZD/USD Technical Levels
To the upside, the next resistance is located at 0.7682 (50-day SMA), above which it could extend gains to 0.7725 (100-day SMA) levels. To the downside immediate support might be located at 0.7606 (Sept 2011 Low), below that at 0.7580 (April 2011 Low) levels.