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1 Apr 2015
NZD/USD recovers to 0.7440
FXStreet (Mumbai) - The NZD/USD pair, which fell on disappointing Fonterra global diary trade auction, managed to recover back to 0.7440 on the disappointing US manufacturing PMI data.
Gains capped by fall in GDP price index
The pair recovered to trade at 0.7440 from the low of 0.7710 on a weaker-than-expected US ISM manufacturing figure, however, the gains could be capped by a 10.8% fall in the global dairy trade price index at the latest Fonterra auction.
The weakness in the dairy prices could weigh on the Kiwi, thereby limiting gains arising out of a weak ADP employment report and PMI manufacturing report.
NZD/USD Technical Levels
The immediate resistance is seen at 0.7465 (50-DMA), above which gains could be extended to 0.7489. On the flip side, support is seen at 0.7410, under which losses could be extended to 0.7371.
Gains capped by fall in GDP price index
The pair recovered to trade at 0.7440 from the low of 0.7710 on a weaker-than-expected US ISM manufacturing figure, however, the gains could be capped by a 10.8% fall in the global dairy trade price index at the latest Fonterra auction.
The weakness in the dairy prices could weigh on the Kiwi, thereby limiting gains arising out of a weak ADP employment report and PMI manufacturing report.
NZD/USD Technical Levels
The immediate resistance is seen at 0.7465 (50-DMA), above which gains could be extended to 0.7489. On the flip side, support is seen at 0.7410, under which losses could be extended to 0.7371.