FXStreet (Guatemala) – NZD/USD is currently trading at 0.6995 with a high of 0.70009 and a low of 0.6992.
NZD/USD has moved along sideways of the downtrend that occurred when the RBNZ recently surprised markets and cut the OCR last week, when the bird dropped from the 0.72 handle and bears collected over two and half cents before demand supported the pair.
This week, we hold out for the fortnightly NZ GlobalDairyTrade auction will be held during the Lon/NY session. The outcome of this could be the next catalyst for supply should the dairy prices continue to drop, reasserting the Central Banks fears of the risks to the economy. Thereafter, it is all eyes on the FOMC.Technically, the bird is heavily bearish territory and pressured by MA’s with more room to go on the count of the RSI (14) targeting 0.6570 and 2010 June lows.
(Market News Provided by FXstreet)