ForexLive Asia Wrap Up: Rallies Fading

RBNZ leaves official cash rate at 2.5%, statements not as dovish as expected. Japan September corporate service price index fell 0.5%, 4th drop in a row. Queensland governor wants to get back to AAA rating, sees resources driving state's growth, A$ remaining elevated. Greek parliament in chaos over revised bailout plan. IMF says progress seen in recent days in talks with Greece, but outstanding issues remain. China says industry recovery trend not yet stable. After the RBNZ official cash rate release (2.5%) saw the kiwi rally it set the tone for a 'risk on' session. The market continued to consolidate in lackluster trading that tested the higher levels against the dollar. Would look for this tone to continue into the European open. NZD/USD took the spotlight strengthening further from opening levels to reach a high of 0.8234 ahead of good resistance reported at 0.8250/55 the rally stalled and has since backed off to 0.8215/20. AUD/USD followed the kiwi to highs of 1.0372 where it was met by good selling. Stops reported just above 1.0370 with the next resistance level at 1.0410/15. Solid bids down at 1.0330/35 with more at 1.0300. EUR/USD continued to be stuck mid-range at 1.2970/75 with resistance at 1.2990/00 with stops above. Some buying interest around 1.2950 with good support down at 1.2900/10. (1.2900 barrier). USD/JPY failed to break through the 80.00 level but continues to test and look very well bid. Solid bids down at 79.50/70, and offers continue at 80.00/10 with stops now building above. Have a good day.