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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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2017-10-17 15:31:17
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2017-10-17 15:30:41
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October 17 14:00 UTC Released

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68 %

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64 %

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64 %

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USManuf Output MM

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0.1 %

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0.1 %

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-0.3 %

October 17 20:00 UTC 186186m

USNet L-T Flows,Exswaps

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1.3 Bln USD

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USOverall Net Capital Flows

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USNet L-T Flows,Incl.Swaps

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-43.1 Bln USD

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USForeign Buying, T-Bonds

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-0.5 Bln USD

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KRExport Price Growth YY*

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10.7 %

October 17 21:00 UTC 246246m

KRImport Price Growth YY*

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9.0 %

October 17 23:00 UTC 366366m

KRUnemployment Rate*

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6.7 %

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