The NZD/USD pair finds a temporary cushion near 0.6080 in Monday’s European session after a sharp sell-off in the last two trading sessions.
NZD/USD finds buying interest near 0.6080 as market sentiment slightly improves China’s upbeat Retail Sales data improve risk appetite of investors. The US Dollar falls slightly ahead of Fed policy decision. The Kiwi asset rebounds to the round-level resistance of 0.6100 as market sentiment improves after China’s Industrial Production and Retail Sales data for February outperforms expectations. China’s Retail Sales grew at a higher pace of 5.5% against expectations of 5.
NZD/USD trades back and forth from a month, ranging between 0.6037-0.6218 on a daily timeframe. A prolonged consolidation indicates indecisiveness among market participants. The 20-period Exponential Moving Average near 0.6131 broadly trades close to spot prices. The 14-period Relative Strength Index trades in a 40.00-60.00 range, which indicates a sharp volatility contraction. Going forward, a downside move below February 13 low near 0.
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