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FxWirePro: NZD/USD slumps but holds above 0.72 handle as retail sales miss weighs on the kiwi

  • NZ retail sales, a key component of the GDP came in at 0.8% q/q, missing 1.1% expected. The prior was also revised lower to +0.8% from +0.9%. 
     
  • New Zealand Business NZ PMI dipped from previous 54.5 to 51.6 in February.
     
  • NZD/USD slumped to test 0.72 handle, but has recovered to currently trade at 0.7217.
     
  • Break below 5-DMA could see weakness upto next major support at 0.7132 (100-DMA)
     

Support levels - 0.72 (5-DMA), 0.7179 (38.2% Fib retrace of 0.6862 to 0.7375 rise), 0.7132 (100-DMA)

Resistance levels - 0.7251 (20-DMA), 0.7254 (23.6% Fib retrace of 0.6862 to 0.7375 rise), 0.7265 (Feb 9th high)

TIME  TREND INDEX  OB/OS INDEX    

1H          Neutral                    Neutral       
4H          Bearish                   Neutral       
1D          Neutral                    Neutral        
1W         Bullish                     Neutral      

Call update: We had advised a long in our previous call (http://www.econotimes.com/FxWirePro-NZD-USD-bounces-off-100-DMA-support-good-to-go-long-on-dips-543085).

Recommendation: Trade with strict stop loss. Hold for upside. 

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at -27.3494 (Neutral), while Hourly USD Spot Index was at -127.601 (Highly Bearish) at 0200 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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March 24 14:30 UTC Released

USECRI Weekly Annualized*

Actual

9.0 %

Forecast

Previous

9.6 %

March 24 14:30 UTC Released

USECRI Weekly Index*

Actual

144.6 %

Forecast

Previous

145.5 %

March 27 08:00 UTC 196196m

DEReal GDP YY*

Actual

Forecast

111.0 %

Previous

111.0 %

March 27 08:00 UTC 196196m

EZIfo Expectations*

Actual

Forecast

104.0 %

Previous

104.0 %

March 27 08:00 UTC 196196m

DEIfo Expectations*

Actual

Forecast

104.3

Previous

104.0

March 27 08:00 UTC 196196m

DEIfo Current Conditions*

Actual

Forecast

118.3 %

Previous

118.4 %

March 27 09:00 UTC 256256m

EZIfo Expectations*

Actual

Forecast

4.9 %

Previous

4.9 %

March 27 09:00 UTC 256256m

TRLoans to Non-Fin

Actual

Forecast

Previous

2.3 %

March 27 09:00 UTC 256256m

EZLoans to Non-Fin

Actual

Forecast

Previous

2.3 %

March 27 09:00 UTC 256256m

EZLoans to Households*

Actual

Forecast

2.3 %

Previous

2.2 %

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