Forex: Kiwi sells-off on weak NZ CPI (Barcelona) - The Kiwi is getting whacked across the board following a weaker-than-expected 4th quarter 2012 CPI out of New Zealand, with Consumer Price Index (YoY) on Q4 at +0.9% vs prior +0.8, expectation +1.2%. The QoQ on Q4 stood at -0.2% vs prior +0.3%, expectation +0.1%. Data helps the case to keep rates unchanged at the RBNZ.

NZD/USD had a spectacular 80+ decline from the 0.84 vicinity all the way down to 0.8325. The technical picture in the pair may be about to change for the fortune of the sellers, should they be able to cap bounces circa Jan 11 low at 0.8360, broken support which should act as resistance now. If buyers, on the contrary, gain the corrective fight, 0.8380 comes into play ahead of 0.84.