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19 Aug 2013
NZD/USD retreats lower amidst NZ export nitrates
FXstreet.com (New York) - The NZD/USD foreign exchange has bled off its early gains Monday on a recent report of over nitration in its shipments, stabilizing above the 0.8100 barrier.
According to a recent report, NZ withdrew its certification for Westland Milk product shipped to China after excess nitrates were discovered. New Zealand's Ministry for Primary Industries has revoked export certificates for four consignments of lactoferrin made by Westland Milk Products after unacceptable levels of nitrates were found in two batches.
Technically speaking, the NZD/USD is now operating at 0.8111 during Asian trading, incurring a marginal decline of -0.01% off its opening. On the decline, the NZD/USD remains bolstered by support at 0.8093 (55-day MA), ahead of 0.8070 (200-day SMA), and 0.8040 (August 14 high).
NZD/USD strategic bias
According to Jim Langlands at FXcharts, “Overall, while the indicators are pointing higher, I suspect that as we approach 0.8200 the Kiwi may begin running out of some steam and I would be surprised to see it overcome 0.8260 (61.8% of 0.8675/0.7683). We might simply be adjusting to a slightly higher medium term range above 0.8000, and thus I would use this as a guide as to the parameters for the coming week.”
According to a recent report, NZ withdrew its certification for Westland Milk product shipped to China after excess nitrates were discovered. New Zealand's Ministry for Primary Industries has revoked export certificates for four consignments of lactoferrin made by Westland Milk Products after unacceptable levels of nitrates were found in two batches.
Technically speaking, the NZD/USD is now operating at 0.8111 during Asian trading, incurring a marginal decline of -0.01% off its opening. On the decline, the NZD/USD remains bolstered by support at 0.8093 (55-day MA), ahead of 0.8070 (200-day SMA), and 0.8040 (August 14 high).
NZD/USD strategic bias
According to Jim Langlands at FXcharts, “Overall, while the indicators are pointing higher, I suspect that as we approach 0.8200 the Kiwi may begin running out of some steam and I would be surprised to see it overcome 0.8260 (61.8% of 0.8675/0.7683). We might simply be adjusting to a slightly higher medium term range above 0.8000, and thus I would use this as a guide as to the parameters for the coming week.”