Forex: NZD/USD tight range, does not follow Gold

By IBTimes Staff Reporter | December 30 2009 8:02 PM

FXstreet.com (London) - Despite gold pulling off another $5 today in weak trading conditions, NZD firmed against the Greenback in the previous session, and now trades in a tight range. With Japan closed for holiday, trade on the Australasian currency will be extremely light.

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The Kiwi currently trades at 0.7233 against the Dollar, for a small gain of 7 pips. Pair will likely continue trading in a tight range. Lack of position taking, has slowed markets to a crawl on the final trading day of the year, and a flurry of re-entries to the market is expected on the first trading day on 2010.

In the unlikely case of breakout we take support as 0.7224 (bound of current range), and for resistance on the upside, 0.7234 (bound of current range).

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