- The NZD/USD pair is trading at 0.6206, down 0.47% at press time.
- US retail sales data fell 0.4%, slightly more than 0.3% expected.
- The DXY maintains significant daily gains following the US Retail Sales data, holding above the 104.90 level.
Daily price movements:
He NZD/USD experiences an intraday bearish move on Wednesday, with the last price recorded at 0.6206, where it appears to be temporarily finding a bottom. The pair started the session at 0.6235, and the overall intraday price change was -0.47% at press time.
Daily Economic Events:
New Zealand Gross Domestic Product (GDP) release (QoQ and YoY for Q4) by Statistics New Zealand on Wednesday (21:45 GMT). It highlights the general quarterly and annual economic results.
Sales have already been published in the United States retailers February. It fell 0.4% month-on-month to $697.9 billion, the US Census Bureau reported on Wednesday. This figure follows a 3.2% increase in January and was slightly below market expectations for a 0.3% decline.
Following these data, the Dollar Index (DXY) maintains its bullish momentum and is up 1.30% on the day, trading above 104.90 at press time. The DXY puts pressure on the NZD/USD pair ahead of the release of New Zealand GDP data on Wednesday at 21:45 GMT.
Technical vision:
The NZD/USD pair is trading just below its daily 20 SMA (0.6195) and significantly below its 50 SMA (0.6313), indicating a short to medium-term bearish bias.
The daily RSI (14) at 47.057 suggests near-neutral momentum as the pair trades near 50. However, the market could find some resistance as daily resistance levels are found at 0.6257, 0.6278 and 0.6308.
He pivot point daily for the NZD/USD pair is 0.6228, slightly above the last intraday price at press time. Daily support levels are found at 0.6207, 0.6177 and 0.6157. If the pair manages to break above the pivot point, it could test resistance levels, while a break below the pivot point could trigger a test of support levels.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
