FXStreet (Guatemala) – NZD/USD is currently trading at 0.6874 with a high of 0.6921 and a low of 0.6863.
NZD/USD has dropped away from the 0.69 handle in a spike that has penetrated the 0.6880 support with ease and is continuing to print lower at the time of writing. The RBNZ have confirmed the large falls in dairy prices offer headwinds to growth and are once again jaw boning the currency lower by saying in a statement that it is still at unjustifiable levels.
Technically, this move is a blow for the bulls looking for closes on the 0.69 handle and puts the bears back in to control ahead of the US session and closes for the week. Meanwhile, for the downside, the June 2010 lows of 0.6793 are of interest to the bears and for the upside, 0.7000 would need to be taken back to alleviate downside pressures to the 0.65 handle.
(Market News Provided by FXstreet)