Not a good day as expected for the New Zealand Dollar (NZD), as it plunges the price down against the US dollar to less than 0.6400. And from the graph given, it was also observed that the pair’s price has continued to suffer from the downturn since the beginning of the year, resulting in a fall of over 400 pips. Well, probably the price decrease today is due to the release of unfavorable news from the GDT Price Index. As far as the technical bias is concerned, it might remain bearish since the price printed a lower low in the recent downside move.
NZD/USD: Technical Analysis
Currently, the NZDUSD was updating itself at a price of 0.6315. It is not very helpful for the NZDUSD that only a few support levels are available in order to support it at this level. At 0.6292, the trendline is supported, at 0.6200, there is a psychological number, and then at 0.6198, the price helped by the significant horizontal support.
On the other side, there are different levels of resistance pressure that continuously tried to push the price to the further downward move, at 0.6368 there is the trendline resistance, before that there is the Fibonacci level at 0.6413 and then there is the confluence of main horizontal and trendline resistance at 0.6479.
NZD Global Dairy Trade’s
Global Dairy Trade’s GDT Price Index, released a few days ago, drop dramatically at -2.9 percent, while it was expected to rise from last month’s index of-4.7 percent and stand at 0 percent, fundamentally. GDT Price Indices are used to prevent manipulation of a simple weighted average price, and to provide a more detailed representation of price movements between trade events.
Meanwhile, as we noticed its steady drop from the graph above, since the beginning of the year the NZDUSD hasn’t publicly welcomed the traders.