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Extending Losses, Westpac Lowers Milk Price Forecast

NZD

NZD/USD prints at $0.6175/80, ~0.3% lower than yesterdays closing levels.

  • Pressure has been seen in recent dealing and NZD/USD has extended losses after Westpac lowered its 2022-23 Milk price forecast to $8.40/KG.
  • The pair has respected yesterdays low at $0.6168 thus far, bears look to target $0.6085 the 2023 lows.
  • AUD/NZD sits at $1.0785/95, a touch below $1.08 which has emerged as a key level. A break through there opens the 200-Day EMA at $1.0898 for bulls.

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