Tuesday, May 17, 2016

Forex. NZDUSD: N.Z. Dollar Rallies Versus U.S. Dollar Amid Higher Retail Sales In New Zealand

Foreign exchange market

Forex. NZDUSD: N.Z. Dollar Rallies Versus U.S. Dollar Amid Higher Retail Sales In New Zealand

The retail sales in New Zealand showed some growth in Q1 2016. To be more specific, the bullish tendency was seen in most niches of the local retail sales sector to contribute to the overall increase of 0.8% seen over the reporting period relative to the previous one. This is confirmed by the local statistical agency.

 

Still, it is reported that the actual figures turned out to be worse than expected since the expert community had anticipated a 1.0% increase over the same reporting period. Also, we can see the pace of growth slowing down as the latest figures are clearly underperforming relative to the 1.1% increase seen in Q4 2015. As for the year-over year figures, there was a 4,8% increase, which is also a slowdown relative to the 5.3% growth seen over the previous reporting period.

For those of you who don't know, the retail sales index measures the retail sales volume across the country and indicates consumer spending. Index growth contributes to a stronger national currency.

Forex

In the meantime, Masterforex-V Academy reports the New Zealand Dollar is still getting stronger against the U.S. Dollar within the scope of a long-term trend. To be more specific, NZDUSD is moving within the scope of a bullish momentum – wave A/B of level Weekly2. However, there is a smaller-scale retracement going on inside of the move – wave b(C ).

On breaking the 0.7053 high, the currency pair is going to continue the current wave. The closest levels of resistance are Fibo levels 0.7154, 0.7219/20, 0.7314/23. A break below MF pivot 0.6574 as well as the bottom of the ascending MF sloping channel will put an end to the existing market bias.  
 

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You are free to discuss this article here:   forum for traders and investors[2]

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References

  1. ^ Masterforex-V Academy (www.masterforex-v.com)
  2. ^ forum for traders and investors (forum.masterforex-v.com)
  3. ^ Cyprus (profi-forex.us)

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