Below the 100 hour MA
The GDT prices came out down this morning (see prior post). That has not had a great impact on the price of the NZDUSD. In the price of the NZDUSD is off the lows, but it is still down on the day.
Technically, the price at the session lows did find support near the 38.2% of the move up from the Feb 7th low at 0.73368. That was also near the swing high from February 14 (high came in at 0.7335). The low today stalled at 0.7335.
The price is trading at 0.7354 currently. A topside channel trend line would target the 0.7371. The 100 hour MA comes in at 0.73781.
Below the 38.2% is a lower trend line currently at 0.7328 and the 200 hour MA comes in at 0.73156.
The big event for the week in New Zealand will be retail sales on Thursday (4:45 PM ET). The estimate is for quarterly retail sales to come in at 1.4% (vs 0.2% previously) and the core retail sales are expected to come in at 0.7% (vs 0.5% previously)
Taking a broader look at the daily chart, the high last week stalled at the January highs (and September 2017 high). That triple top (highs come in at 0.7433-36) are a key level to get and stay above going forward. If the correction off that high is in from the hourly chart, we know the climb higher will have to contend with the triple top. Be aware.
