FxWirePro: Kiwi struggles around 0.67 handle, trades a tight 0.6672/6705 range
Monday, October 12, 2015 5:44 AM UTC
- Risk-appetite buoyed in Asia as markets respond to lift in Shanghai base metals & +3% jump in SSEC, China's main stocks index
- NZD/USD trades a tight 0.6672/6705 range in the Asian session amid thin volumes as Japan and U.S. remain closed for public holiday
- Kiwi struggles to extend beyond 0.67 handle, clinching gains on oil price rally, WTI rallies +1.40% to 50.11 while the Brent oil jumps 0.86% to 53.37
- The Kiwi spiked through to hit 0.6707 top before momentum waned, and is currently holding at 0.6700
- Immediate resistance is seen at 0.6707 (Aug 21 high), while support on the downside is located at 0.6672 (day's low)
- Much is likely to hinge on this week's CPI data for Q3 (due to be released on Friday) for further direction