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NZD/USD testing 0.7770 intraday support

FXStreet (Bali) - NZD/USD trades on a soft note in early Asian, dragged lower by USD broad-based strength and AUD weakness, with losses sof ar contained by 0.7770 intraday support.

Jim Langlands, Founder at FXCharts, notes: "This week will largely be driven by offshore events although the NZ Q3 Jobs data is due and a soft reading could see the Kiwi head back to the recent trend low at 0.7707, below which, further bids would arrive at around 0.7680 (June 2013 low)."

Technically, Jim adds: "A mild downside bias looks to be the most likely outcome, with the weekend Chinese data likely to put the 0.7700 area under pressure sooner rather than later."

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