Kiwi pares its gains in European session,good to sell on rallies

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
161 0 0
NZD/USD             rallied till 0.7563 in Asian session after the release of better than expected NZ             retail sales data. New Zealand headline retail sales soared 2.7% qoq in Q1, much stronger than expectation of 1.6% qoq .

Technically Kiwi has not able hold above 0.7575 and has declined from that level. Overall trend is bearish as long as resistance 0.7575 holds.

On the upside minor resistance is around 0.7547 (200 day 4 HMA ) and break above would extend gains till 0.7575/0.76390.

The pair’s minor support is around 0.7465 and any break below will drag the pair further down till 0.7430/0.7380.

We prefer to sell on rallies around 0.7530 for the target of 0.7435 with stop around 0.7580.

Rangarajan H
FX Analyst
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