In other news, Prices of dairy products rose in Fonterra's latest GlobalDairyTrade auction, with whole milk powder posting its biggest gain since March last year. The GDT-TWI Price Index rose 1.8% compared to the last sale two weeks ago.
According to the technical analyst team at ICN.com, “If the pair manages to return above the Linear Regression Indicator 34 at 0.8190 it will end the downside correction and enter a new bullish wave. In general, trading above the 0.8135 level is enough for us to expect further upside movement, while the breach of 0.8080 is enough to fail this outlook.”
As the NZD/USD is currently testing resistance at 0.8185, ICN.com analysts point to additional resistive measures at 0.8225 and 0.8265, and finally 0.8310. On the decline, a retracement or prolonged consolidation movement will signal the onset of supportive means at 0.8150, then 0.8135, and finally 0.8100.