The New Zealand dollar showed some relative strength in the last days of 2014 but collapsed as 2015 entered. What will we see from the kiwi in 2015? The first full week of the year sees an update on milk prices as well as other figures. Here is an analysis of fundamentals and an updated technical analysis for NZD/USD. While the US dollar managed to strengthen against some currencies in the turn of the year, it was not that lucky against the New Zealand dollar. The kiwi managed to recover some of the losses seen earlier, on the background of no economic releases. However, the first full trading day of 2015 saw a surge in the greenback that eventually left the kiwi under 0.77. [do action=”autoupdate” tag=”NZDUSDUpdate”/]NZD/USD daily chart with support and resistance lines on it. Click to enlarge: GDT Price Index: Tuesday. The price of milk is the No. 1 export of New Zealand, making this bi-weekly Global Dairy Trade Price Index critical. The last auction resulted in a price rise of 2.4% and this time could see a drop. ANZ Commodity Prices: Wednesday, 00:00. Milk is only one of the commodities that the small island nation exports, making this wider measure released by the Australia and New Zealand Banking Group of some importance as well. Prices have fallen for 8 consecutive months, and no respite is on the cards now. Building Consents: Thursday, 21:45. The number of building approvals provides a good indication for the housing market, despite the volatility. After a drop of 11.9% in September, we had a bounce of 8.8% in October. A slide could be seen now. * All times are GMT. NZD/USD Technical Analysis Kiwi/dollar began the week on the lows clinging onto the 0.7715 line (mentioned last week). It then enjoyed a nice rise, eventually pausing only at the 0.7850 level. From there it was all downhill, and the pair found support at 0.7680. Live chart of NZD/USD: [do action=”tradingviews” pair=”NZDUSD” interval=”60″/]Technical lines, from top to bottom: We start from lower ground this time. The round level of 0.82 is certainly worth watching. It is followed by the initial September low of 0.8120. 0.8075 was one of the cycle lows and now works as resistance. Even lower, 0.8050 provided support for the pair back in February and is the last line before the very round figure of 0.80. 0.80 is now key resistance on the upside. Just below, the old resistance line of 0.7975 is coming back to play after capping the pair in October. 0.7930 was a double top in October’s recovery and is important to watch. It is followed by 0.7850. 0.78 is a round number and provided support various times, including recently. Going deeper, 0.7765 worked as support, and is a line to watch now on the way up. 0.7715 is stronger support after serving holding the pair in December. 0.7680 worked as support in December and that is where the pair stopped in early January 2015. Below this point, we are back to levels last seen in 2012: 0.7615 is initial support and the critical line is 0.7460. Further support is found at 0.7370, followed by the round number of 0.72. Wide downtrend channel maintained As the thick black lines show, the pair is trading within a wide channel that is heading down. The bottom of the channel was tested in December and held up very well. I am bearish on NZD/USD After the rise on low volume, the pair could correct back down. The pressure on commodity prices could be seen via the milk auction. Even though the New Zealand economy is doing well, the strength of the greenback could make a comeback. In this week’s podcast, we offer a preview for 2015: the Fed hike, EZ QE, slippery oil, UK politics, Big in Japan, AUD down under, Loonie blues and Gold Subscribe to our podcast on iTunes. Further reading: For a broad view of all the week’s major events worldwide, read the USD outlook. For EUR/USD, check out the Euro to Dollar forecast. For the Japanese yen, read the USD/JPY forecast. For GBP/USD (cable), look into the British Pound forecast. For the Australian dollar (Aussie), check out the AUD to USD forecast. For USD/CAD (loonie), check out the Canadian dollar forecast. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam MinorsNZD/USD Forecast share Read Next AUD/USD Forecast Jan. 5-9 2015 Kenny Fisher 8 years The New Zealand dollar showed some relative strength in the last days of 2014 but collapsed as 2015 entered. What will we see from the kiwi in 2015? The first full week of the year sees an update on milk prices as well as other figures. Here is an analysis of fundamentals and an updated technical analysis for NZD/USD. While the US dollar managed to strengthen against some currencies in the turn of the year, it was not that lucky against the New Zealand dollar. 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