Key Points
- The New Zealand Dollar managed to pop higher against the US Dollar, and moved above 0.7100.
- There is a bullish trend line formed on the hourly chart of NZDUSD, which is acting as a support near 0.7100.
- Today, the New Zealand Electronic Card Retail Sales was reported by Statistics New Zealand.
- The result was not exciting, as there was a decline of 0.1% in sales in Dec 2016, compared with the previous month.
NZDUSD Technical Analysis
The New Zealand Dollar was seen trading higher against the US Dollar, as it managed to move past the 0.7100 resistance. The pair also closed above the 21 hourly simple moving average, suggesting that the pair is in the bullish zone.
The pair remains supported on the downside near a bullish trend line formed on the hourly chart of NZDUSD at 0.7100. As long as the pair is above the trend line, there are chances of more gains in the short term.
The pair may soon retest the 0.7140 level or even attempt to break it for a move towards 0.7160.
New Zealand Electronic Card Retail Sales
Today during the Asian session, the New Zealand 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 aligned for a minor rise in sales in Dec 2016, compared with the previous month.
The result was not good, as there was a decline of 0.1% in sales in Dec 2016. Moreover, the yearly change in the sales posted a rise of 58% in Dec 2016. The report added that “Total retail spending using electronic cards was $6.5 billion in December 2016, up $355 million (5.8 percent) from December 2015.”
Overall, it looks like the Kiwi Dollar remains supported on the downside near 0.7100, and may move towards 0.7140 soon.
