Kiwi falls against major peers after another drop in dairy prices at Fonterra's auction

Kiwi was trading with a loss of 1.01% at $0.6585 against the US dollar, falling to a two-week low of $0.6576.

• In addition, AUD/NZD breaks key resistance at 1.1298 and supported around 1.1315 levels.
   
• Pair made intraday high at 1.1316 and low at 1.1279 marks.
   
• New Zealand’s dairy prices declined from their previous level according to fresh data from Fonterra.
   
• The latest release showed more decline as the GDT Price Index fell 2.9%, with the average price reaching $2,190 per metric ton, following the 1.4% hike to $2,253 per metric ton booked March 1.
   
• Intraday bias remains bullish for the moment.
   
• A daily close above key resistance at 1.1298 will drag the parity towards 1.1590 marks.
   
• Alternatively, reversal from key resistance suggests down side correction and will take the parity towards key support levels around 1.1170/ 1.1064 levels thereafter.

We prefer to take long position in AUD/NZD around 1.1300, stop loss 1.1212 and target 1.1375/1.1590 marks.