- The New Zealand dollar traded higher during the Asian session to test the 0.7200 level against the US Dollar.
- There is a major bullish trend line on the hourly chart of NZDUSD, which may act as a support at 0.7160 on the downside.
- Today, the New Zealand Consumer Price Index was released by the Statistics New Zealand.
- The outcome was above the forecast of +0.1%, as it came in at +0.2% in Q3 2016.
NZDUSD Technical Analysis
The New Zealand Dollar was all bullish during the past couple of sessions versus the US dollar, as it traded above the 0.7160 resistance. There was a test of the 0.7200 handle, where sellers appeared and currently preventing gains.
The NZDUSD pair is currently consolidating, and any dip from the current levels may take the pair towards a major bullish trend line on the hourly chart.
Buying dips may be a good idea as long as the pair remains supported on the downside at 0.7160.
New Zealand Consumer Price Index
Today in New Zealand, the Consumer Price Index, which is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services was released by the Statistics New Zealand.
The market was expecting a rise of +0.1% in Q3 2016, compared with the same quarter a year ago. The result was above the forecast, as the CPI increased 0.2%. In terms of the monthly change, there was a rise of 0.2%. The report stated that the “Housing and household utilities prices rose 1.1 percent in the September 2016 quarter. This rise was influenced by higher prices for purchase of new housing, excluding land (up 2.0 percent), and local authority rates (up 3.0 percent)”.
The New Zealand Dollar is currently in the bullish trend and it may soon break the 0.7200 for further gains.