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Forex

New Zealand Dollar Declines Slightly

OctaFx | Oct. 3, 2018
New Zealand Dollar Declines Slightly

The New Zealand dollar declined slightly against the US dollar after Global Dairy Price Index data was released. Will the downward trend continue? Find the answer in the following analysis. 

3 October, OctaFX – The data showed that the index declined by 1.9% which was higher than August’s 1.5% decline. This index measures the average price of nine dairy products. It matters most to New Zealand because of the significant role of the dairy industry in the country’s economy. Today, ANZ released the commodity index which declined by minus 1.8% which was lower than last month’s minus 1.1%.

New Zealand Dollar Declines Slightly

The NZDUSD pair declined to an intraday low of 0.6567 in the Asian session. This was a continuation of an important downward trend that started in the final week of September.

As shown below, the pair is forming an inverted cup pattern, which is an indication that the downward trend will continue until it reaches the 0.6540 level. This is supported by the moving averages, Bollinger Bands, and the momentum indicator as shown below.

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.