Key Highlights
New Zealand dollar managed to gain traction recently after the RBNZ interest rate announcement.
RBNZ Interest Rate Decision was announced by the Reserve Bank of New Zealand in which the central bank kept the interest rate unchanged at 3.5%.
NZDUSD surged higher and broke the 0.7280 resistance area.
EURUSD continues to fall and traded as low as 1.0510.
RBNZ Aftermath
Earlier during the Asian session, there was an important event lined up in New Zealand as the RBNZ Interest Rate Decision was announced by the Reserve Bank of New Zealand. The forecast was of no change in the interest rates, and the outcome was in line with the expectation.
Technical Analysis
The NZDUSD pair cleared an important resistance area around the 0.7280 level to trade higher. There was a bearish trend line formed on the 4-hour chart as well, which was broken after the upside swing. Currently, the pair is trading below the 38.2% fib retracement level of the last leg from the 0.7609 high to 0.7162 low. So, the pair might retest the broken trend line where it could find buyers. Let us see whether the pair can proceed towards the 50% fib retracement level.
On the downside, the broken resistance area of 0.7280 holds the key in the short term.
US Retail Sales
Later during the NY session, the US retail sales report representing the total receipts of retail stores released by the US Census Bureau. The market is expecting it to register a gain of 0.3% in February 2015, compared to the preceding month.
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