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Forex: EUR/NZD higher on Fonterra news

By FXstreet.com,  August 27, 2012, 08:58:00 PM EDT

FXstreet.com (San Francisco) - EUR/NZD has pushed above the 1.5480 resistance area to extend the bullish correction seen from July's 1.4935 trough to a new seven week high of 1.5486 this Tuesday in Asia. The move comes on the back of New Zealand dollar weakness after Fonterra Co-operative Group Ltd, New Zealand's leading multinational dairy company, cut its 2012/13 forecast payout to farmers due to a high domestic currency, Reuters reports. If the rally extends, resistance may be found at 1.5506 (12 July high) and 1.5547 (intraday). EUR/NZD is back trading at 1.5478.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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