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5 Aug 2013
NZD/USD left behind?
FXstreet.com (Chicago) - NZD/USD fell sharply on China’s General Administration of Quality Supervision public statement.
Earlier in China, the food safety agency released a report stating Fonterra's products were being temporarily banned from entering the country after the New Zealand-based company warned about botulism in some of its products.
Botulism is originated by a bacteria found on their whey protein and milk-based powder products. As reported earlier, New Zealand’s largest international trading partner is China, amounting 25% of the trade.
Price action evidenced a major drop as gap indicated weak demand for the kiwi. The pair traded at 0.7752 after dropping to 0.7748 3-week lows. Oscillating between supports at 0.7727 (July 12 lows), 0.7747 (July 11 lows), 0.7706 (July 3 lows) and resistances at 0.7776 (July 9 lows), 0.7761 (July 7 lows), 0.7800 (July 14 lows), the FXstreet.com technical studies identified pair as slightly bearish on one-hour time frame analysis along a MACD indicator pointing down.
Earlier in China, the food safety agency released a report stating Fonterra's products were being temporarily banned from entering the country after the New Zealand-based company warned about botulism in some of its products.
Botulism is originated by a bacteria found on their whey protein and milk-based powder products. As reported earlier, New Zealand’s largest international trading partner is China, amounting 25% of the trade.
Price action evidenced a major drop as gap indicated weak demand for the kiwi. The pair traded at 0.7752 after dropping to 0.7748 3-week lows. Oscillating between supports at 0.7727 (July 12 lows), 0.7747 (July 11 lows), 0.7706 (July 3 lows) and resistances at 0.7776 (July 9 lows), 0.7761 (July 7 lows), 0.7800 (July 14 lows), the FXstreet.com technical studies identified pair as slightly bearish on one-hour time frame analysis along a MACD indicator pointing down.