16 Feb 2015
NZD/USD testing 0.75 offers, bullish tone from the get-go
FXStreet (Bali) - NZD/USD has been trading with a solid tone in Asia, with the rate exhibiting an up-gap of over 30 pips from 0.7440 to 0.7469, and gains expanding until 0.75 round number, where it has stalled.
Earlier in Asia, we saw New Zealand retails sales data for Q4 2014, with the Q4 seasonally adjusted real retail sales (volume) up +1.7% QoQ vs 1.3% exp, while the yearly reading came at +4.7% YoY vs +4.2% exp. Stats NZ noted the following factors contributing to the rise: "Twelve of the 15 retail industries had higher sales volumes. The largest industry movements were: motor-vehicle and parts retailing, up 3.4 percent, food and beverage services, up 3.0 percent, supermarket and grocery stores, down 1.2 percent, the volume of sales in core retail (which excludes the vehicle-related industries) rose 1.5 percent."
According to Jim Langlands, Founder at FXCharts: "Beyond 0.75 would hint at a test of the base of the previous channel that dominated trade, which currently lies at around 0.7535 ( which is also the daily Kijun) and the 50% pivot of 0.7887/0.7175 and should prove tough to overcome. A break of this though, would then suggest a move towards Fibo resistance at 0.7615 (61.8%)."
Earlier in Asia, we saw New Zealand retails sales data for Q4 2014, with the Q4 seasonally adjusted real retail sales (volume) up +1.7% QoQ vs 1.3% exp, while the yearly reading came at +4.7% YoY vs +4.2% exp. Stats NZ noted the following factors contributing to the rise: "Twelve of the 15 retail industries had higher sales volumes. The largest industry movements were: motor-vehicle and parts retailing, up 3.4 percent, food and beverage services, up 3.0 percent, supermarket and grocery stores, down 1.2 percent, the volume of sales in core retail (which excludes the vehicle-related industries) rose 1.5 percent."
According to Jim Langlands, Founder at FXCharts: "Beyond 0.75 would hint at a test of the base of the previous channel that dominated trade, which currently lies at around 0.7535 ( which is also the daily Kijun) and the 50% pivot of 0.7887/0.7175 and should prove tough to overcome. A break of this though, would then suggest a move towards Fibo resistance at 0.7615 (61.8%)."