Key Points
- The New Zealand Dollar after trading as high as 0.7305 found sellers against the US dollar.
- The NZDUSD pair is currently correcting lower, and testing a major support trend line formed on the hourly chart.
- The New Zealand Electronic Card Retail Sales as reported by Statistics New Zealand posted an increase of 1.2% in June, more than the last time.
- In terms of the yearly change, the New Zealand Electronic Card Retail Sales rose 6.8%.
Technical Analysis
The New Zealand Dollar enjoyed a decent upside move this past week against the US Dollar, as it traded a few pips above the 0.7300 level. The NZDUSD pair is currently moving lower, and testing a major support trend line formed on the hourly chart.
There is another bullish trend line on the downside, which is positioned with the 100 hourly simple moving average to act as a support.
It looks like there are high chances of the pair gaining bids one more time as long as the 100 hourly SMA is intact.
New Zealand Electronic Card Retail Sales
Earlier today, 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 outcome was positive, as there was an increase of 1.2% in sales in June 2016, compared with the previous month.
Moreover, the report added that “total value of electronic card spending, including the two non-retail industries (services, and other non-retail), was up 1.0 percent in June. This follows a fall of 0.6 percent in May 2016”.
It looks like the current highlighted bullish trend line holds the key for the NZDUSD pair and may produce a bounce.
