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Forex

New Zealand dollar rises after the release of electronic card sales data

New Zealand dollar rises after the release of electronic card sales data

The NZDUSD pair moved up slightly after the release of electronic card sales data. The pair rose from 0.6438 to a high of 0.6470.

12 August 2019, OctaFX – The New Zealand dollar (Kiwi) rose slightly today after New Zealand reported mixed electronic card sales data for the month of July. During the month, electronic card retail sales rose by an annualized rate of 1.6%, which was better than June’s gain of 1.1%. Still, this was lower than the consensus estimates of 2.2%.

On a MoM basis, electronic card sales declined by -0.1%, which was lower than the expected 0.6%. In recent years, investors have focused on electronic card retail sales because a substantial amount of shopping is made using credit and debit cards.

NZDUSD technical analysis

On the four-hour chart, the price is along the 23.6% Fibonacci Retracement level. It is also along the 14-day EMA and slightly below the 28-day EMA. The RSI has moved from the oversold level of 30 and is at 45. The pair will likely remain in this range as investors wait for the US CPI data tomorrow.

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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