Technical Analysis for NZD/USD: April 20, 2016
The pair is experiencing a retracement as the USD outperforms the NZD, halting the bird’s third consecutive day of uptrends. The kiwi dollar is trading just eight pips above the 0.70 handle as of time of writing.
Data pointing to the opposite situation was released today. The GlobalDairyTrade(GDT) index rose by 3.8 percent from 2.1 percent. Whole milk powder, New Zealand’s biggest export goods, grew by 7.5 percent, while skim milk powder added 0.3 percent.
Meanwhile, the US’ housing data tumbled with only 1.086 building permits issued from 1.777 million in the previous month. Housing starts skidded to 1.089 million from last year’s 1.194 million.
The first support is at 0.6840 and 0.6656 subsequently. The first resistance is at 0.6926 and 0.7068 subsequently.
The MACD indicator is in a positive location. The price is dropping.