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NZD/USD running into offers on minor recovery

FXStreet (Guatemala) - NZD/USD was supported on better exports from the trade balance that has been recently released.

However, the deficit was wider than expected and the overall picture is not favourable while the bird has ran into offers on the US session recovery from 0.6230/40 region.

Earlier, Fonterra set the milk payout 2014/15 at $4.40 and explained that supply is easing, but a lift in demand is still yet to be seen. Otherwise, commodities are still not performing and are weighing on the commodity currency bloc.

NZD/USD levels

Technically, there has been a modest recovery off the lows in the overnight trade, but the attempts at the upside are capped by the descending resistance. Longer dated sticks show that the MA's still have a bearish bias and MACD is turning less negative on the 4hr. The pair remains offered while below 0.6470 50 DMA while near term resistances are 0.6314 and 0.6346 (20DMA).

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