Data on the dairy auction in New Zealand

The price index in New Zealand by Global Dairy Trade was -3.4% against the previous value of -3.5%. This indicator remains negative for the second month in a row, thereby maintaining pressure on the New Zealand dollar.

Given the considerable oversold of the NZD/USD pair and the weakness of the US currency, negative data on New Zealand are regarded as restrained-positive, but will still limit the significant growth of this pair.

To a greater extent, NZD/USD is supported by a correction against a downtrend, which will be limited to resistance levels: 0.6840-50 and 0.6870.

Recommended for reading: “Cross-rates signals: EUR/CHF is in the purchasing area“.

Hanzenko Anton