FxWirePro: Kiwi falls on the back of lower than expected retail sales data
AUD/NZD is trading around 1.0726 marks. Pair made intraday high at 1.0743 and low at 1.0717 marks. Today New Zealand released retail sales data with negative numbers at 0.8% q/q vs 1.1% q/q previous release. In addition,…
Pair made intraday high at 1.0743 and low at 1.0717 marks.
Today New Zealand released retail sales data with negative numbers at 0.8% q/q vs 1.1% q/q previous release.
In addition, core retail sales falls to 1.0% q/q vs 1.1% q/q previous release.
Intraday bias remains neutral for the moment.
A daily close below 1.0725 will take the parity down towards 1.0670 (February 26, 2016 low) and 1.0574 (February 12, 2016 low) marks.
On the other side, reversal from key support will drag the parity higher towards 1.0886, 1.0976 (January 2016 high) /1.1062 (30D EMA)/1.1123/1.1298/1.1317 (March 23, 2016 high) levels respectively.
We prefer to take short position in AUD/NZD only below 1.0725, stop loss 1.0823 and target 1.0651/1.0574 marks.
