Sell NZD-USD @.7400 - Fx News Today - Currency Trading.
NZD-USD shows down trend and its a good oppurtunity to sell.
NZ Sell @ .7400
Stop Loss @ .7451
Book Profit @ .7350
NZD/USD has been offered in sync with the decline seen in the Aussie following an unambiguously negative employment report in Australia, with the exchange rate now testing a key support at 0.7330.
Demand for NZD has been drying up in the past few hours, with traders re-thinking its intraday strategies after a dismal BNZ-BusinessNZ PMI, which declined by 6.2 point in January to 50.9 vs 57.7 prior, a reading that represented the lowest level since December 2012. BNZ economist Doug Steel said that "it certainly questions the strength of growth earlier in 2015."
Furthermore, drought has now been declared in large parts of NZ. According to Stuff news, "Minister for Primary Industries Nathan Guy has declared a drought for all of Canterbury, Central and North Otago, and Marlborough this morning. Wairarapa is on watch. Guy, who chose the Opuha Dam, 13 kilometres north of the South Canterbury town of Fairlie, as the backdrop for his announcement, said the drought is a medium-scale event."
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