- NZD/USD opened at 0.6858 following the retail sales data which puts bulls on the front foot.
- NZD/USD is currently trading at 0.6860.
Risk was on in the closing session in the US on Friday which helped the antipodeans along. The equity markets in Europe and North America both ended higher with investors optimistic over US-China trade talks and more dovish Fed commentary.
AUD/USD and subsequently, NZD, were also supported by China’s official denial of restrictions on Australian coal imports – NZD climbed from 0.6760 to 0.6854, more than retracing Friday afternoon’s RBNZ Bascand-related loss.
Kiwi data coming in strong
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New Zealand retail sales surged 1.7% during Q4 2018
Today, NZ Q4 retail sales data was released and the bird will surely find a bid on such a result, (currently, 0.6860 traded on the open), as the report will help shape forecasts for the important GDP data on 21 March. The data arrived +1.7% Q/Q vs the expected 0.5% and 0.3% prior revised from 0.0% – The result came in as the highest since Q1 of 2017.
NZD/USD levels
- Support 0.6730
- Resistance 0.6880
0.6880 is the trend line resistance on the hourly time frames while 0.6730 is the rising trend support. The next upside target will be 0.6915 ahead of 0.6976 R3 pivot point. To the downside, bears can target the pivot point of 0.6819 ahead of 0.6785. NZD/USD has been struggling at the 50% Fibo of the 2018 downtrend to recent swing lows – capped their twice. A third attempt could be enough to wipe out stale shorts and trigger a stop run that will expose the 61.8% Fibo target at the 0.7050 level – highs last traded in June 2018.
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