Key Points
- The New Zealand Dollar recently failed near 0.7343 once again versus the US Dollar and moved down.
- There was a break below a major contracting triangle pattern with support at 0.7280 on the hourly chart of NZDUSD.
- Today in New Zealand, the ANZ Commodity Price for June 2017 was released by the ANZ National Bank.
- The outcome was below the forecast, as there was a rise of 2.1% compared to the last 3.2%.
NZDUSD Technical Analysis
The New Zealand Dollar tested the 0.7340 resistance on a few occasions versus the US Dollar. The NZDUSD pair failed to gain momentum and traded below the 0.7300 support area. It even broke the 0.7285 level and the 21 hourly simple moving average to ignite a downside move.
Furthermore, there was a break below a major contracting triangle pattern with support at 0.7280 on the hourly chart. It recently failed to break the 38.2% Fib retracement level of the last decline from the 0.7345 high to 0.7262 low.
The pair may soon attempt a retest of 0.7262 and could even break it for a test of 0.7250 in the near term.
ANZ Commodity Price
Today in New Zealand, the ANZ Commodity Price for June 2017 was released by the ANZ National Bank. The market was positioned for an increase of around 3% in June 2017.
The actual result was below the forecast, as there was a rise of 2.1% compared to the last 3.2%. The report stated that:
The continued surge in milkfat and sheep meat prices led the charge, but there were declines for wool, whole milk powder, casein, apples and aluminum. Overall dairy prices nudged up 2.9% in June (+49% y/y) and non-dairy prices increased 1.7% (+10% y/y).
Overall, the NZDUSD remains in the bearish territory, and might trade below the 0.7260-50 support in the near future.
