Forex: AUD/NZD at session lows; ignores Fonterra forecast

[Ramon Ramirez]

FXstreet.com (San Francisco) - AUD/NZD has drifted south to touch a 4-day low of 1.2915, with the market ignoring news of a dairy market oversupply of milk; New Zealand’s Fonterra cut its 2012/13 dairy forecast payout for the year as it had been expected - falling dairy prices undermines NZD fundamentals. The pair is at 1.2915 vs. 1.2955 in early trading, threatening to push lower. Short term support is noted at 1.2885 (22 March high), with resistance seen at 1.2934 (yesterday’s low).