New Zealand global daily trade price rises 0.4%. The average sell price comes in at $3,837/Tonne. The move higher comes after a sharp drop in the last report.
The NZDUSD is trading lower today, but is finding a stall on the first test of the 50% midpoint of the move up from the April low to the June high. That level some in at 0.60363. The low price today just reached 0.60355 (just below that level). The current price traders at 0.6044. A move below the 50% would increase the bearish bias.
On the topside the 100 day MA was broken earlier at 0.6063. A move back above that level and then the 200 day MA at 0.6077, would upset the sellers looking for more downside.
This article was written by Greg Michalowski at www.forexlive.com.
