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Negative Statistics from New Zealand Affected the Dynamics

2/28/2023 1:01 PM

The NZD/USD pair is falling, trading at 0.6140 after the publication of negative statistics on the New Zealand economy.

The Q4 2022 core retail sales index did not live up to analysts' expectations of 0.3% and amounted to –1.3% QoQ, retail sales decreased by –0.6%, below the forecast of 0.2% and the previous value of 0.4. The business confidence index from the Australian and New Zealand banking group ANZ for February remains in the red zone and is –43.3, which is better than the previous value of –52.0 but still reflects negative trends in the economy.

Thus, the long-term trend takes on a downward direction. Yesterday the price consolidated below 0.6210, which opens up prospects for a further fall to 0.6085, after which the next target will be 0.5985. Positive dynamics are possible if the asset consolidates above 0.6210.

The medium-term trend is down: this week the quotes have overcome zone 2 (0.6178–0.6160), and the next sell target is zone 3 (0.5998–0.5980). Short positions within the trend may be opened after the correction to the key resistance 0.6329–0.6311 with the first target at the low of the current week around 0.6130.

Resistance levels: 0.6210, 0.6525. | Support levels: 0.6085, 0.5985.

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