- The New Zealand dollar rose on Thursday on a relief rally after dairy giant Fonterra lifted its milk payout forecast
- Fonterra increased its farmgate price payout forecast to NZ$4.60 per kilogram of milk solids from a previous forecast of NZ$3.85
- NZD/USD is currently trading at 0.6299, there is scope for further gains on the day, Techs show positive alignment
- Long-tern momentum with the bears, but pair could see short-term rally, Daily Stoch show bullish crossover from oversold levels
Recommendation: Good to buy dips around 0.6280, SL: 0.6250, TP: 0.6330Resistance Levels:R1: 0.6305 (Session high Sep 23)R2: 0.6329 (10-Day MA)R3: 0.6350 (21-Day MA)Support Levels: S1: 0.6235 (Session low Sep 23)S2: 0.6200 (2015 Low Aug 24)S3: 0.6151 (Daily Low Jun 8 2009)
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