Forex: NZD/USD trading in tight range - New Zealand and Australia holidays continue

on December 27 2009 7:54 PM

FXstreet.com (London) - Kiwi's Christmas break continues due to extended local holidays. Trade on the currency will likely be slow and sleepy, as its bigger brother, the Australia Dollar, also enjoys continued holidays. Kiwi was mixed in the week prior as market initially reacted poorly to under-consensus GDP data, but came around as the data still showed growth, albeit at a slower rate than expected.

The Kiwi currently trades at 0.7066 against the Dollar, drifting to the upside. With the local markets closed this can be assigned to technical Dollar softening, which is in line with the buoyant Asian stock market so far this session. Pair up 10 pips from the open and will likely consolidate in a range after an early weak rally. For primary support take previous session low, 0.7052. Should the upside conintue and find strength, look at 0.7080 (Dec 24 High) as the first resistance point.

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