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NZD/USD kisses 0.84, solid offers noted

FXStreet (Bali) - NZD/USD has been recently working through offers in 0.84+, printing a new weekly high of 0.8403 before a retracement seeking for bids at 0.8385-90 area.

The Kiwi has retained the positive tone seen on Wednesday, following Fonterra's business expansion into China and crowded short positioning, with today's price action tracking gains seen by the Aussie, which took some stops above 0.9350-60 after an upbeat Aus capex.

Jim Langlands, Founder at FXCharts, notes: "A break of 0.84 would see stops getting triggered which could take the kiwi on to 0.8430 (23.6% of 0.8514/0.8310) but at this stage seems unlikely. The downside will find bids at the 100 HMA at 0.8360 and then at the session low at 0.8328. I don’t think we see it down here today, but further losses would take the kiwi back to 0.8310."

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