NZD/USD Inches Higher Ahead of US Retail Sales News

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After the terrible drop of Wednesday, it is the second consecutive day that the New Zealand Dollar (NZD) increased its value to more than 0.7200 against the US dollar (USD).

Although the pair not covered its value to that extent it has many support levels which might soon push the price to the optimal level. 

In addition to this, there is bad news from US retail sales, released on May 14, 2021.

US Census Bureau published the figure of retail sales which according to FXStreet.com, It registered the figure of 0% in April compared to the month before data of 10.7%.

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 time. The stats for the Retail Sales indicate the likelihood of consumer spending in the coming days. 

Generally speaking, a high reading is negative for the USD and suggests a bullish market for the NZD/USD pair ahead and vice versa.

On the other side, resistance levels might not allow the NZD/USD pair for the forward direction.

NZDUSD

Trade Idea

Considering the overall technical and fundamental outlook, selling the pair around current levels appears to be a good strategy in the short to medium term.

 

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