NZD/USD: minor recovery vrs strong dollar trend

Currently, NZD/USD is trading at 0.6913, down -0.24% on the day, having posted a daily high at 0.6937 and low at 0.6883.

The Kiwi has been making a minor recovery from fresh lows on not a lot of news today apart from the New Zealand GDT dairy auction price index that arrived as -0.5% vrs prior 3.5% with an average auction price of $3656 MT. While the bird has based around the 0.69 handle, the cards are still stacked to the downside due to the recent hawkishness from the FOMC and the market's appetite for the US dollar which is not going away any time soon. Technically, one will note the bearish neckline at 0.6975. Analysts at Westpac explained that "the NZ economy is strong and dairy prices have risen, but these forces are subservient to the US dollar's trend".

Major US equity indices hit new record highs

NZD/USD levels

Current price is 0.6913, with resistance ahead at 0.6916 (Hourly 20 EMA), 0.6929 (Yesterday's Low), 0.6930 (Daily Open), 0.6930 (Monthly Low) and 0.6930 (Weekly Low). Next support to the downside can be found at 0.6909 (Daily Classic S1), 0.6888 (Daily Classic S2), 0.6883 (Daily Low), 0.6847 (Daily Classic S3) and 0.6845 (Weekly Classic S1).