The New Zealand Dollar (NZD) extended gains on the British Pound (GBP) late in the week and into Monday’s open to 0.4890 (2.0450) This is a significant shift in momentum from mid last week’s action around 0.4800 (2.0820) and shows a trend change. UK Retail Sales came in above expectations of 1.5% at 3.4% after -3.3% prior. This boosted the Pound only briefly. On the chart the fib 50% retracement from the low at 0.4780 (2.0910) and the high at 0.5000 (2.0000) has been breached at 0.4880 (2.0500) signalling further upside could be instore for the kiwi.
Current Level: 0.4872
Resistance: 0.4900
Support: 0.4815
Last Weeks Range: 0.4804- 0.4873