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5 Aug 2013
NZD/USD reborn from crashes
FXstreet.com (Chicago) - NZD/USD plummeted Monday morning to 6-weeks lows on Chinese ban of milky-powder products.
The kiwi had dropped to 6 weeks-lows on Chinese ban of Fonterra’s products upon realization of bacteria contamination. China is New Zealand’s largest trading partner implying high reputation risk losses after the pronouncement. The ANZ National Bank had released its commodity price at 0.6% showing considerable improvements vs. previous -3.7%.
NZD/USD technicals
Price action indicated a strong rebound as the pair accumulated 0.62% gains throughout the journey to trade at 0.7798, between supports at 0.7734 (intraday lows), 0.7761 (July 3 lows), 0.7777 (July 9 lows) and close to resistance at (0.7800 (June 21 highs) ahead of 0.7817 (August 1st lows) and 0.7827 (July 1st highs). The FXstreet trend index reported pair as slightly bullish on one-hour timeframe analysis.
The kiwi had dropped to 6 weeks-lows on Chinese ban of Fonterra’s products upon realization of bacteria contamination. China is New Zealand’s largest trading partner implying high reputation risk losses after the pronouncement. The ANZ National Bank had released its commodity price at 0.6% showing considerable improvements vs. previous -3.7%.
NZD/USD technicals
Price action indicated a strong rebound as the pair accumulated 0.62% gains throughout the journey to trade at 0.7798, between supports at 0.7734 (intraday lows), 0.7761 (July 3 lows), 0.7777 (July 9 lows) and close to resistance at (0.7800 (June 21 highs) ahead of 0.7817 (August 1st lows) and 0.7827 (July 1st highs). The FXstreet trend index reported pair as slightly bullish on one-hour timeframe analysis.