November 26, OctaFX – The New Zealand dollar rose slightly against the USD in the Asian session even after disappointing retail sales from NZ. Retail numbers showed that the core retail sales in the third quarter rose by 0.3%.
This was lower than the consensus estimate of 1.5% and the second quarter’s 1.3%. It was also the lowest reading since November 2016. The annualized quarterly retail sales number softened to 2.7%. This was the lowest it has been in almost ten years.
NZDUSD Technical Analysis
In the past week, the NZDUSD pair has been making lower lows and lower highs. This has seen the price drop from 0.6883 to 0.6754. Today, it moved slightly higher, even after the weak retail sales numbers. It is now trading at 0.6785.
The upward movement today happened in a low-volume market as shown below. This means that there is a likelihood that the pair will resume the downward trend today.
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