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New Zealand retail sales surprise to the upside

Posted by Akhilesh Ganti on Feb 14, 2013 5:13:00 PM

NEW ZEALAND: From Statistics New Zealand:(from MNI)

-Q4 Retail Sales +2.1% Q/Q. MNI median consensus is for +1.0% with forecasts
ranging from +0.5% to +1.5%.

- Kiwi jumps about 40 pips on this data, which is a primary gauge of consumer spending, as it breaches the 0.85 level.

KIWI TECHS: 

RES 4: 0.8783 - 2011 high Aug 1 2011
RES 3: 0.8568 - Monthly high Aug 31 2011
RES 2: 0.8514 - High Feb 14

LATEST PRICE: 0.8510

SUP 1: 0.8450 - Low Feb 14
SUP 2: 0.8394 - 21 day moving average
SUP 3: 0.8281 - Weekly low Jan 28

COMMENTARY: The Kiwi managed to spike to the highest levels since late Aug 2011 but failed to follow through. The surprise retail sales figure caused a breach of intermediate resistance at 0.8480 as the focus shifts to the 0.8550/70 level. A close below yesterday's low would see focus return to the key $0.8265-85 support region with the 100-DMA noted at $0.8282.

(chart: Worldwidemarkets Flash trader)

NZD retail sales Q42012

 

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