NZD/USD overextended here? – UOB

By FXStreet FXStreet (Guatemala) – Analysts at UOB Group noted that NZD continues to tumble, seeing a fresh intraday low.

Key Quotes:

“The GDT index was down 1.6%, marking the first drop in dairy prices since the November 17 auction. Whole-milk powder, which is the most significant item at the auction for New Zealand, was down 4.4% to $2210 per tonne, down over 50% from a peak of $5245 in 2013.”

“24hr outlook: The current NZD weakness appears to be over-extended. 0.6630 is expected to hold for a rebound to 0.6725/30. 1-3weekveiw: NZD has turned bearish with a target of 0.6565. Stop-loss is at 0.6770”.
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Source:: FX Street