4 Aug 2015
NZD/USD unable to hold above 0.6600
FXStreet (Córdoba) - NZD/USD printed a fresh session lows at 0.6575 after Global Dairy Trade reported a decline of 9.3% in its index. It was the 10 decline in a row and it has accumulated a decline of more than 50% since February 2014.
The kiwi is up for the day as it trades at 0.6590 after ending the day at 0.6560. The decline in dairy prices was expected but still pressured the New Zealand dollar to the downside. AUD/NZD rose further and printed a fresh 2-week high at 1.1275.
NZD/USD outlook
The pair continues to consolidate after falling sharply last week form level on top of 0.6700. The decline so far was capped by the 0.6530 area and from there is attempting to recover.
The kiwi is having difficulties holding above 0.6600 as it continues to show some weakness. Incoming US economic data could trigger a strong recovery above 0.6600 or it could add pressure to the 0.6500 area.
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The kiwi is up for the day as it trades at 0.6590 after ending the day at 0.6560. The decline in dairy prices was expected but still pressured the New Zealand dollar to the downside. AUD/NZD rose further and printed a fresh 2-week high at 1.1275.
NZD/USD outlook
The pair continues to consolidate after falling sharply last week form level on top of 0.6700. The decline so far was capped by the 0.6530 area and from there is attempting to recover.
The kiwi is having difficulties holding above 0.6600 as it continues to show some weakness. Incoming US economic data could trigger a strong recovery above 0.6600 or it could add pressure to the 0.6500 area.
Register to the live coverage and trade the NonFarm Payrolls with Bednarik, Pinkert and Elam. We are Forex!