02:47 NZD/USD: Victim Of The USD And Cross Flow Sydney January 21. The Kiwi has traded in a 0.7570/0.7615 range, weighed down by the stronger USD in Asia and softer carry trades, on rising risk aversion as the Asian bourses tumble, the Nikkei is down 3.36%, but supported by AUD/NZD selling on the soft Australian PPI. Dealers report a busy morning and expect further range trading dominated by offshore factors into the European open. Initial support comes in at Friday"s 0.7560 low, which is also the 100 day moving average and behind that the December low at 0.7500/10. Resistance starts at 0.7615, an hourly range high on Friday and the top this morning; behind that 0.7685, the overnight high. Overall negative sentiment is building on the NZD, as the USD strengthens on repatriation amid the global market turmoil, with Japanese investors expected to follow at some point, prompting a far deeper correction in the carry trades.
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