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Directionless Kiwi sees little action after China data release

10 days ago   |   By FXCM

Kiwi lacks direction but may adopt a bearish bias, courtesy of weaker-than-expected China data.
Bulls need NZD/USD to move 7059 in a convincing manner.
The NZD/USD has been trading the narrow range of 0.7060-0.70 for more than a week now, occasionally dipping below 0.70, but struggling to clear 0.7059 (38.2 percent Fibonacci retracement of Apr high-May low).
The story remains the same today as the pair is reporting marginal losses at 0.7018, but could feel the gravitational pull, courtesy of weak China data.
The industrial production in the world's second-largest economy rose 6.8 percent...
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