The dairy industry is very important to New Zealand and Fonterra is their biggest dairy exporter. News broke yesterday that some of their milk powder products are contaminated with a dangerous strain of bacteria and this has caused some countries like Russia to put a ban on imports.
NZD/USD fell by nearly 2% in early interbank trade to level below 77 cents, after closing in NY near .7850. AUD/NZD has jumped to 1.1500 and resistance should be very solid here; so if you managed to pick the 1.12 bottom, booking partial profits looks like a decent idea.