Forex: Kiwi corrects, NZD/USD trading 0.6987

By IBTimes Staff Reporter | December 22 2009 7:37 PM

FXstreet.com (London) - The New Zealand Dollar has continued to trade weak in the early Asian trading. New Zealand GDP was released today, with the q3 figures coming in weaker than expected, at +0.2%. Markets players will have read this as weakness in the economy.

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The pair currently trades at 0.6987 against the Dollar, down just 2 pips. The pair traded in a down trend today after the weak GDP data of NZ and strong housing sales data in the US combined. For primary support levels this session, first is 0.6969 (previous session Low) and then 0.6940 (strong support for 8-10 Sep trading range).

The Kiwi continues to break lower, currently trading at 3 ½ month lows. Some will view this recent trend as an overdue correction to the Kiwi, which has risen unabated since March 2009.

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