NZD/USD: Bears held up ahead of US GDP tonight

FXStreet (Guatemala) – NZD/USD is trading at 0.7259 with a high of 0.7269 and a low of 0.7212.

NZD/UD has been under pressure as we come towards the end of the week.
The bird was a chop on yesterday’s business but there was a large decline in the US shift overnight with one way traffic taking out stops at 0.7220 and again at 0.7180 at March lows. There had been no clear catalyst for the move although in the shadows of today’s US activity was Fonterra suggesting earlier in the week that the market is oversupplied with dairy commodities yesterday. Fonterra are cutting down their Farmgate milk price for 2014/15 and 2015/16 noting that the prices had not increased as previous expected.

Technically, the bird was supported at 0.7130 ahead of 0.7108 being the 2011 March low as a psychological target. Today we have ANZ Business Confidence (Apr) and ANZ Activity Outlook (May) as minor releases before tomorrow’s US shift that brings GDP Q1 which has been estimated in the market to disappointment and could add some further support to the bird ahead of the close.

NZD/USD is trading at 0.7259 with a high of 0.7269 and a low of 0.7212.

(Market News Provided by FXstreet)