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NZD/USD: Bids ahead of 0.81 keep rate in range

FXStreet (Bali) - NZD/USD is trading along the 0.81 mark, with the latest gap advantage from Monday Asia post NZ election result now closed as pressure on the commodity complex mounts.

Further downside pressure may hit the New Zealand Dollar today, notes Jim Langlands, Founder at FXCharts, should "the Chinese manufacturing data come in below par, for a more concerted test of 0.8100."

Technically, Jim thinks that "the price action looks set to remain choppy and contained within the recent range", adding that "I would be surprised to see the Kiwi back above the session high of 0.8170." On the downside, Jim sees "the session low at 0.8098 will provide support, a break of which would then again open up the trend low at 0.8076."

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