FxWirePro: Kiwi spikes above 0.66 handle as Russia lifts NZ dairy ban
Tuesday, August 18, 2015 5:30 AM UTC
- NZD surged to reclaim 0.66 handle from $0.6570 in early trade following the news of Russia partially lifting ban on NZ dairy companies.
- The pair looks to have recovered and once again has re-established itself above $0.6500 after hitting a six year low of $0.6468 last week.
- Dairy futures point to a lift in prices at the auction, with Fonterra reducing the amount it will put up for sale.
- Long-term momentum remains with the bears, with daily price action trending below cloud and moving averages.
- NZD/USD has pared some gains and is currently trading at 0.6595, 0.6620 seen capping the topside.
- Near term support for the pair is located at $0.6520 with immediate resistance at 0.6619 (Aug 4 High).
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