Falling New Zealand food prices bearish for NZDUSD
Food Price Index in New Zealand declined 0.7% over month in November after 0.3% drop in previous month. Will the NZDUSD decline?
The price chart on 1-hour timeframe shows NZDUSD: H1 is trading sideways. The price is falling above the 200-period moving average MA(200) which is rising. And the RSI oscillator is falling toward 50 level. There is no trend yet formed, traders have to decide when it would be a best time to enter the market.