NZDUSD Technical Analysis – February 11, 2021

The New Zealand Dollar (NZD) rose against the U.S. Dollar (USD) on Thursday, increasing the price of NZDUSD to more than 0.7200, ahead of the release of U.S. Retail Sales news. 

Technical Analysis 

As of this writing, the NZDUSD pair strengthens around 0.7213, with a few resistance levels seen ahead. The price may face some resistance near the given below resistance spots. 

Resistance 

0.7249 – the upper trendline arm 

0.7314 – the key horizontal resistance 

0.7400 – the psychological number 

On the downside, the price of the pair might find some support near the listed price tags. 

Support 

0.7189 – the trendline support 

0.7124 – the major horizontal support 

0.7007 – the Fibonacci retracement (38.2%)

U.S. Retail Sales News 

The US Census Bureau plans to release numbers for the retail sales on Wednesday (February 17, 2021). Economists believed that the retail sales registered a reading of 0.7%, in January, as compared to the reading of -0.7% in the month before. 

The retail sales figures reflect the net receipts of the retail sector. Change in the volume percentage of retail sales shows the performance of the retail stores over the given time. The stats for the Retail Sales indicate the likelihood of consumer spending in the coming days. Generally speaking, a high reading is seen as positive for the USD, while it suggests a bearish market for the NZDUSD pair ahead and vice versa. 

Conclusion 

Considering the price movement of the pair over the past few days, buying it near current levels might be a worthwhile trading decision in the short term.