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29 Jul 2014
AUD/NZD: Vertical move persists, Fonterra last catalyst
FXStreet (Bali) - AUD/NZD keeps making higher highs following Fonterra's worse-than-expected milk pay-out forecasts of NZD 6/kg, citing falling demand, a higher Kiwi and global production growth.
At present, the AUD/NZD traded above the 1.10 area, well on its way to fully absorb a strong area of offers should 1.1035 be surpassed, with the 1.1070 as the imminent resistance area if break materializes.
On the downside, the pair has formed a technical base around the 1.0965 area, but before reaching that 'value area' for buyers, the 1.10 should also act as important support now on any pullback.
At present, the AUD/NZD traded above the 1.10 area, well on its way to fully absorb a strong area of offers should 1.1035 be surpassed, with the 1.1070 as the imminent resistance area if break materializes.
On the downside, the pair has formed a technical base around the 1.0965 area, but before reaching that 'value area' for buyers, the 1.10 should also act as important support now on any pullback.