- New Zealand’s dairy giant Fonterra announced a payout forecast cut and also new measures to support NZ dairy industry
- Kiwi swiftly recovered from a dip to session lows following the news, trades modestly flat at 0.6554 after falls to session lows by 0.6528
- Upside however remains capped on the back of a broadly higher US dollar ahead of the key NFP data due later in the US session
- NZD/USD is currently trading at 0.6557, next resistance is located at 0.6566 levels and above which it could extend gains 0.6608 (21-Day MA)
- To the downside immediate support might be located at 0.6509 (Daily Low Aug 6) and then at 0.6490 (2015 Low Aug 5)
Resistance Levels:R1: 0.6566 (Daily High Aug 5)R2: 0.6589 (10-Day MA)R3: 0.6608 (21-Day MA)Support Levels:S1: 0.6509 (Daily Low Aug 6)S2: 0.6490 (2015 Low Aug 5)S3: 0.6470 (Daily Low Jul 30 2009)
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