New Zealand Dollar performed well against the US Dollar to trade above an important resistance trend line.
If NZDUSD buyers stay in control, a move towards 0.7200 is possible in the near term.
New Zealand Electronic Card Retail Sales as reported by Statistics New Zealand registered an increase of 1.2% in May 2015, compared with the preceding month.
NZDUSD – Technical AnalysisThe NZDUSD pair struggled a lot during the past couple of weeks, as it traded close to the 0.7000 support area where buyers somehow managed to defend the downside. The pair is currently attempting to recover from the weakening phase, and also managed to clear a critical bearish trend line on the 4-hours chart. The upside after the break was stalled around the 38.2% Fib retracement level of the last drop from the 0.7394 high to 0.7024 low. So, there is a possibility of it struggling in the near term to trade higher.If it moves lower one more time, then the broken trend line might provide support to the pair. On the upside, the next barrier for buyers is around the 100 simple moving average (4H), which is sitting around the 50% Fib level.New Zealand Electronic Card Retail SalesEarlier 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 outcome was a positive one, as the New Zealand Electronic Card Retail Sales increased by 1.2% in May 2015, compared with the preceding month. It was a lot higher when compared to the last decline of 0.7%. Moreover, the core retail spending, excluding the vehicle-related industries increased by 0.4%.In terms of the yearly change, the New Zealand Electronic Card Retail Sales rose 3.2% to $4.6 billion in May 2015, compared to the same month a year ago. Commenting on the report, the business indicators manager Neil Kelly, stated "Fuel spending had the largest rise, continuing a recent run of increases, but is still below the levels seen before the price falls of late last year”.The NZDUSD was not affected much after the release, but there was a minor downside reaction.
If it moves lower one more time, then the broken trend line might provide support to the pair. On the upside, the next barrier for buyers is around the 100 simple moving average (4H), which is sitting around the 50% Fib level.New Zealand Electronic Card Retail SalesEarlier 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 outcome was a positive one, as the New Zealand Electronic Card Retail Sales increased by 1.2% in May 2015, compared with the preceding month. It was a lot higher when compared to the last decline of 0.7%. Moreover, the core retail spending, excluding the vehicle-related industries increased by 0.4%.In terms of the yearly change, the New Zealand Electronic Card Retail Sales rose 3.2% to $4.6 billion in May 2015, compared to the same month a year ago. Commenting on the report, the business indicators manager Neil Kelly, stated "Fuel spending had the largest rise, continuing a recent run of increases, but is still below the levels seen before the price falls of late last year”.The NZDUSD was not affected much after the release, but there was a minor downside reaction.
If it moves lower one more time, then the broken trend line might provide support to the pair. On the upside, the next barrier for buyers is around the 100 simple moving average (4H), which is sitting around the 50% Fib level.New Zealand Electronic Card Retail SalesEarlier 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 outcome was a positive one, as the New Zealand Electronic Card Retail Sales increased by 1.2% in May 2015, compared with the preceding month. It was a lot higher when compared to the last decline of 0.7%. Moreover, the core retail spending, excluding the vehicle-related industries increased by 0.4%.In terms of the yearly change, the New Zealand Electronic Card Retail Sales rose 3.2% to $4.6 billion in May 2015, compared to the same month a year ago. Commenting on the report, the business indicators manager Neil Kelly, stated "Fuel spending had the largest rise, continuing a recent run of increases, but is still below the levels seen before the price falls of late last year”.The NZDUSD was not affected much after the release, but there was a minor downside reaction.