NZD USD trading almost unmoved
10/14/2016 9:51:21 AM
The NZD/USD pair is seen retreating upbeat China CPI-led rally in the European morning, now trading flat near 0.7100 handle, in search of fresh inducements from the session ahead.
Currently, the NZD/USD pair trades almost unchanged at 0.7098, expanding withdrawal from daily tops reached at 0.7130 earlier in Asia. The NZD/USD pair paused its 3 day rally as the bulls face tiredness, while broad based USD strength also weighs on the spot.
The Kiwi rallied as high as 0.7132 after the Chinese CPI figures came in much stronger than markets’ expectations and lessened worries slightly, especially after yesterday’s Chinese trade report reignited China slowdown concerns.
To the upside, the next persistence is located at 0.7130, above which it could expand gains to 0.7150 and from there to 0.7200. To the downside immediate support might be located at 0.7050 and from there to at 0.7035, below which 0.6955 would be tested.