NewsMV
The New Zealand dollar maintained its gains and was trading above 0.5850 after Chinese inflation data was released.
The kiwi held the level through the session without giving back its earlier position, and 0.5850 is the number in focus on the tape. The currency did not reverse after the Chinese data landed.
A hold at the level after a macro release is the clearest argument the setup has going for it. The tape has defined 0.5850 as the area, and the session has come down on the right side.
The contrarian case is not far from the surface. The event that lifted the kiwi has cleared. Holding a level after a data print is an outcome, but the input that drove the gains is now behind the session.
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