Today we updated the NZDUSD evaluation with the negative depreciation status, its decrease of less than 0.6400 due to adverse news from New Zealand, which serves as a key factor in the NZD currency’s downward enhancement. Whereas, from the graph attached, now we have a little expectation that NZDUSD is a little better than the situation before. If we’re speaking specifically about today’s fall then it’s might be because of the Glode diary trade.
The negative reporting comes from Global Dairy Trade’s GDT Price Index, published a couple of days ago, which rose dramatically from -4.7% to 2.9%, but it less than expected by the economist that was 0%. GDT Price Indicators are used to avoid distortion of a simple weighted average price, and to provide a more precise representation of price movements between trade events. This decline means NZD currency weakening further against the US Dollar.
Today the NZDUSD was updating itself at 0.6323. It is hopeful for the NZDUSD that the number of support levels that are backed at this stage, at first it is assisted by the trendline at 0.6320, ahead of another trend line supported the pair’s at 0.6219, and then at 0.6202, the price supported by the major horizontal support.
But on the contrary, there are also several levels of resistance that might not allow the NZDUSD to grow upward, there is the confluence of the trendline and the main horizontal support at 0.6419, before that there is the Fibonacci level at 0.6544 and then there is another trendline resistance at 0.6624.
Conditions are better from the past no doubts, but it still has the danger that in the meantime may not allow the investors to trade.