FXstreet.com (London) - Gold slowed significantly in the previous session coming off around $20, as Chinese announcement plans to raise banking reserve requirement. This fuelled the sell-off as it was read as a slowdown in growth. Gold bullion is off just $2 in the Asian session, and currently trades at $1128.38, after consolidating at current level. NZD/USD mimicked these loses earlier, and similar is now trading in range, exactly flat from the Asian open.

The Kiwi currently trades at 0.7381 against the Dollar, after followed Gold sharply to the downside in previous trade. Pair will likely continue to consolidate in range later this session in the absence of major macro cues. Both AUD and NZD have a strong positive correlation to gold, with their respective economies closely tied to the price of the precious metal.

Should the pair move continue to move to the upside take primary resistance as 0.7400 (upper bound of current range), and for primary support at 0.7365 (lower bound of current range).

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