Forex: NZD/USD bracketed between 0.7827/0.7856; China data eyed

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Forex: NZD/USD bracketed between 0.7827/0.7856; China data eyed

FITITOL--> FXstreet.com (San Francisco) - The NZD/USD pair is gently offered in early Asia as JP Morgan’s reported losses have encouraged a bout of risk aversion, while market are now focused on Chines data due later today; Chinese CPI, PPI industrial production and retail sales data for April are among the data due.

The pair is at 0.7845 as it trades a tight range between 0.7827 and 0.7856 so far this Friday. Immediate support is noted at 0.7790 (61.8%, 0.7369/0.8469), while resistance is seen at 0.7875 (8 Dec high). According to ANZ, further topside tests are likely for the pair, although they won’t be sustainable without assistance from global forces.