FX: Forex: Gold +4$ early Asia, NZD/USD follows +7 pips
FXstreet.com (London) - Gold collapsed in previous trade under pressure as the market fears over Chinas recent moves eased. The precious metal went as low as $1118 from trading solidly at around $1150. This session Gold trades up around $4 at $1142. NZD/USD mimicked this opening move, gaining around 7 pips from the open.
The Kiwi currently trades at 0.7408 against the Dollar, still yet to recover highs of 0.7438 (7-week high hit 11 Jan). Pair will likely consolidate in range later this session in the absence of major macro cues. Both AUD and NZD have a strong positive correlation to gold, and have both taken small gains in opening trade.
Should the pair move continue to move to the upside take primary resistance as 0.7430 (intraday High), and for primary support at 0.7370 (intraday low).
