{"id":106442,"date":"2017-05-25T08:17:58","date_gmt":"2017-05-25T12:17:58","guid":{"rendered":"http:\/\/countingpips.com\/?p=106442"},"modified":"2017-05-25T07:19:12","modified_gmt":"2017-05-25T11:19:12","slug":"nzdusd-forex-technical-analysis-new-zealand-dollar-strengthens-on-positive-economic-data","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/05\/nzdusd-forex-technical-analysis-new-zealand-dollar-strengthens-on-positive-economic-data\/","title":{"rendered":"NZDUSD: Forex Technical Analysis – New Zealand dollar strengthens on positive economic data"},"content":{"rendered":"
May 25, 2017<\/div>
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By IFCMarkets<\/a><\/p>\n

New Zealand dollar strengthens on positive economic data<\/strong><\/p>\n

The New Zealand dollar <\/a> is rising since mid-May, and widening trade surplus in April was the last piece of positive news among recent economic data. Will the New Zealand dollar continue strengthening?<\/p>\n

New Zealand’s trade surplus widened in April from a year earlier. The bigger-than-expected merchandise trade surplus at 578 million New Zealand dollars (US$405 million) last month compared with a NZ$350 million surplus a year earlier, Statistics New Zealand reports. Data have been positive recently while the central bank\u2019s decision on May 11 to hold rates steady at 1.75% was deemed dovish. The retail sales rose 4.6% on year in the first quarter compared with the 3.9% growth in the last three months of 2016 despite a slight decline in Westpack consumer confidence index to 111.9 from 113.1 in Q4. A reading above 100 indicates optimism. At the same time unemployment dropped to 4.9% from 5.2% in Q4. Positive economic data are bullish for New Zealand dollar.<\/p>\n

\"XAUUSD\"<\/p>\n

The NZDUSD: D1 <\/b> > has been correcting upward since hitting 12-month low in the beginning of May. The price has approached the 200-day moving average MA(200) on the daily chart.<\/p>\n