NZDJPY – Kiwi Dollar Sighting More Losses Versus Yen
Aayush Jindal
NZDJPY – Kiwi Dollar Sighting More Losses Versus Yen
Key Highlights
New Zealand dollar slowly and steadily recovered against the Japanese yen recently, but remains in a downtrend.
There is a monster bearish trend on the 4-hours chart of NZDJPY, which is acting as a resistance area for the pair.
Today in New Zealand, the Retail Sales report was released by the Statistics New Zealand.
The forecast was slated for a rise of 1% in Q2 2016, and the actual was +2.3%.
NZDJPY Pair Technical Analysis
The New Zealand dollar slowly moved higher against the Japanese yen this week. However, if we see a higher time frame chart of the NZDJPY pair, then it’s in a downtrend.As mentioned, there is a monster bearish trend on the 4-hours chart of NZDJPY, which is acting as a barrier for the bulls and preventing an upside move. Moreover, the 100 and 200 simple moving average on the same chart is also around the trend line resistance.So, all in all there is a monster resistance on the upside, which puts the pair at a risk of more losses in the short term.
New Zealand Retail Sales
Earlier today, the New Zealand Retail Sales report was released by the Statistics New Zealand. The change measures the total receipts of retail stores and quarterly percent changes reflect the rate of changes of such sales. The forecast was slated for a rise of 1% in Q2 2016, compared with the previous quarter.The outcome was above the forecast, as there was a rise of 2.3% in sales in Q2 2016. The report added that “When the effect of price changes is included, the seasonally adjusted value of total retail sales rose 2.2 percent ($443 million) for the June 2016 quarter. This is also a record rise in dollar terms for total sales value, and follows a subdued 0.8 percent rise ($164 million) in the March 2016 quarter”.Moreover, the Business NZ PMI, which presents business conditions in New Zealand was released by the Business NZ. The forecast was slated for a minor decline from the last reading of 57.7 in July 2016. The outcome was disappointing, as there was a decline from the last revised reading of 57.6 to 55.8.
US Retail Sales
Later today in the US, the Retail Sales figure will be released by the US Census Bureau. The forecast is slated for a rise of 0.4% in July 2016, compared with the previous month. Let us see how the actual result shapes up and affects the US Dollar.
As mentioned, there is a monster bearish trend on the 4-hours chart of NZDJPY, which is acting as a barrier for the bulls and preventing an upside move. Moreover, the 100 and 200 simple moving average on the same chart is also around the trend line resistance.So, all in all there is a monster resistance on the upside, which puts the pair at a risk of more losses in the short term.
The outcome was above the forecast, as there was a rise of 2.3% in sales in Q2 2016. The report added that “When the effect of price changes is included, the seasonally adjusted value of total retail sales rose 2.2 percent ($443 million) for the June 2016 quarter. This is also a record rise in dollar terms for total sales value, and follows a subdued 0.8 percent rise ($164 million) in the March 2016 quarter”.Moreover, the Business NZ PMI, which presents business conditions in New Zealand was released by the Business NZ. The forecast was slated for a minor decline from the last reading of 57.7 in July 2016. The outcome was disappointing, as there was a decline from the last revised reading of 57.6 to 55.8.