NZD/USD May Fall to 0.8615 on Wheeler's Comments; Dairy Price Drop

        0413 GMT [Dow Jones] Spot NZD/USD is soft Wednesday after RBNZ Gov. Wheeler said a high Kiwi exchange rate in face of weakening fundamentals may prompt RBNZ to intervene to sell NZD, and after dairy products posted their sixth consecutive fall in latest GlobalDairyTrade auction held Tuesday--GDT Price Index fell 1.1% from previous auction. NZD/USD daily price chart shows slow stochastic measure turning bearish at overbought levels. Spot NZD/USD in short term may decline to 0.8615 (61.8% Fibonacci correction of 0.8514-0.8779 April 29-May 6 advance). Rise above 0.8779 would abort short-term bearish view. Spot NZD/USD was recently at 0.8692. (jerry.tan@wsj.com)
        (END) Dow Jones Newswires

        May 07, 2014 00:13 ET (04:13 GMT)