NZ Retail Sales published soft Monday dragging down the New Zealand Dollar (NZD) from 0.5165 (1.9360) to this morning’s 0.5115 (1.9550) extending last week’s run lower against the British Pound. This move compounds on 4 weeks of poor performance by the kiwi in the face of a range of GBP supportive news. Climbing through 1.9350 (0.5170) the break above here corresponds with a move above the 100-day MA and could signal further upside.
Current Level: 0.5113 (1.9557)
Resistance: 0.5215 (1.9970)
Support: 0.5007 (1.9170)
Last Weeks Range: 0.5122-0.5204 (1.9215-1.9523)