Key Points
- The Aussie dollar declined a bit recently against the New Zealand Dollar to trade as low as 1.0377.
- The AUDNZD pair started consolidating losses, and currently forming a triangle pattern on the hourly chart with resistance at 1.0410.
- Today in New Zealand, the Electronic Card Retail Sales was reported by Statistics New Zealand.
- The result was mixed, as there was a decline of 0.1% in Nov 2016, less than the last decline of 0.5%.
AUDNZD Technical Analysis
The Aussie dollar was under a bearish pressure against the New Zealand dollar, as it traded below the 1.0400 support. The AUDNZD pair traded as low as 1.0377 before starting a consolidating. The pair has formed a triangle pattern on the hourly chart with resistance at 1.0410.
The pair is trading higher, and attempting to break the triangle resistance. If there is a break, then the next resistance on the upside could be around the 21 hourly simple moving average.
The last few hourly candles are positive, and suggesting that there are high chances of the pair breaking resistance and moving higher.
New Zealand Electronic Card Retail Sales
Today in New Zealand, the Electronic Card Retail Sales, which measures purchases made in New Zealand on debit, credit and store cards was reported by Statistics New Zealand.
The market was expecting a minor decline in Nov 2016, compared with the previous month. The result was mixed, as there was a decline of 0.1%. In terms of the yearly change, there was a rise of 5.1%. The report stated that the “total value of electronic card spending, including the two non-retail industries (services, and other non-retail), was down 0.3 percent in November. This follows a 0.6 percent rise in October 2016”.
It looks like the Aussie dollar buyers may attempt to take the AUDNZD pair higher at least towards the 1.0430 level.
