FXstreet.com (London) - The pacific pair of Aussie and Kiwi have both traded in tight ranges so far the session. AUD/USD currently trades at 0.8758 down just 5 pips on the session. NZD versus the Dollar has unsuccessfully tried to break 0.7000 and pair will likely be capped at this level during the session. On the downside we see support at 0.6982, these two points represent the current range of the pair. NZD/USD currently trades at 0.6982.
NZD and AUD hold a high level of correlation. Australia is a key importer for New Zealands export industry, being geographically the closest major economy.
Outside the defined range for Kiwi this session, in the case of breakout we mark primary support at 0.6969 (previous session low) and resistance at 0.7038.
Speaking about the New Zealand economy in light of todays GDP data, The New Zealand Herald is upbeat: Two quarters of growth - following five quarters of contraction - reflects a stabilisation in the global economy and the Government's sound economic management.