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8 Jan 2015
NZD/USD rises for fourth consecutive session
FXStreet (Mumbai) - The NZD/USD pair advanced for the fourth consecutive session, although the pair has failed to sustain above the 50-DMA level of 0.7487.
The pair currently trades 0.06% higher at 0.7784 levels, after having clocked a high of 0.7820 levels. The Kiwi has been on the rising trend after the Fonterra Global Dairy Trade price index rose 3.6% earlier this week. Whole milk powder also prices rose 1.6%. Meanwhile, milk production is expected to slow through the summer and autumn, which is likely to push milk prices higher. However, the gains have been restricted around 50-DMA level as investors continue to price-in a high possibility of a first interest rate hike in the US this year.
NZD/USD Technical Levels
The pair has an immediate resistance located at 0.7787 (50-DMA), breach of which shall open doors for a re-test of 100-DMA located at 0.7837. Meanwhile, support is seen at 0.7754 (10-DMA) and 0.7730 (5-DMA) levels.
The pair currently trades 0.06% higher at 0.7784 levels, after having clocked a high of 0.7820 levels. The Kiwi has been on the rising trend after the Fonterra Global Dairy Trade price index rose 3.6% earlier this week. Whole milk powder also prices rose 1.6%. Meanwhile, milk production is expected to slow through the summer and autumn, which is likely to push milk prices higher. However, the gains have been restricted around 50-DMA level as investors continue to price-in a high possibility of a first interest rate hike in the US this year.
NZD/USD Technical Levels
The pair has an immediate resistance located at 0.7787 (50-DMA), breach of which shall open doors for a re-test of 100-DMA located at 0.7837. Meanwhile, support is seen at 0.7754 (10-DMA) and 0.7730 (5-DMA) levels.