Forex: Kiwi trades in 10 pip range

By IBTimes Staff Reporter | December 23 2009 7:50 PM

FXstreet.com (London) - Kiwi slowed a little in yesterdays trade, as the market reacted to worse-than-expected GDP data from the agriculturally rich nation. The Kiwi has since consolidated against the Dollar and even won back some of its losses at Dollar bulls took profit and ran in the previous session.

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The pair currently trades at 0.70445 against the Dollar, drifting around in a tight range. The NZD/USD is trading extremely thin as a non-major pair, particularly in the weakened trading environment of the holiday. NZD bounced back as Greenback weakened today, after hitting and surpassing recent lows, in previous sessions. The pair is trading in the 10 pip range between 0.7050 and 0.7040. In the unlikely case of breakout take these levels as the primary support and resistance.

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