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28 Aug 2013
NZD/USD unable to sustain demand above 0.7800
FXstreet.com (Barcelona) - The NZD/USD foreign exchange rate is last trading at fresh session lows 0.7779 barely above NY session weekly lows and Friday's lows around the 0.7760 level, slightly in the negative for the week so far.
NZD/USD underperforms against other major pairs
Kiwi has been weakest currency among majors, even weaker than Aussie, as “emerging market concerns combined with potential Western intervention in Syria are driving weakness in risk currencies," said ANZ in a note to clients.
Apart from this, “Fonterra upgraded its 2013/14 dairy season pay out forecast to a new record high of $NZ8.12/kg, from $NZ7.82, the second upgrade in less than a month (previous record was $NZ8.05 in 2010/11),” said TD Securities. According to Fonterra, "current market views support commodity prices remaining at historically high levels longer than previously forecasted".
NZD/USD key technical levels
Immediate support to the downside for NZD/USD lies at NY session weekly lows 0.7765, followed by Friday's 10 lows at 0.7760, and August 05 lows at 0.7747/36. To the upside, closest resistance shows at recent session highs 0.7811, followed by August 01 lows at 0.7850, and yesterday's weekly highs at 0.7871/76.
NZD/USD underperforms against other major pairs
Kiwi has been weakest currency among majors, even weaker than Aussie, as “emerging market concerns combined with potential Western intervention in Syria are driving weakness in risk currencies," said ANZ in a note to clients.
Apart from this, “Fonterra upgraded its 2013/14 dairy season pay out forecast to a new record high of $NZ8.12/kg, from $NZ7.82, the second upgrade in less than a month (previous record was $NZ8.05 in 2010/11),” said TD Securities. According to Fonterra, "current market views support commodity prices remaining at historically high levels longer than previously forecasted".
NZD/USD key technical levels
Immediate support to the downside for NZD/USD lies at NY session weekly lows 0.7765, followed by Friday's 10 lows at 0.7760, and August 05 lows at 0.7747/36. To the upside, closest resistance shows at recent session highs 0.7811, followed by August 01 lows at 0.7850, and yesterday's weekly highs at 0.7871/76.