NZD/USD: Strong data but looks like plenty of sellers about

Maybe it’s the drop in exports which is limiting enthusiasm but I would have thought that a much better than expected trade balance would have elicited more than a 10 pip rally in the Kiwi! Maybe there are plenty of willing sellers around the place?

The 4-hour charts are showing a possible trading channel and the bears can now consider selling into the top of this (see chart), especially given the reaction to the data.