<\/p>\n
\n Share:<\/span><\/p>\n NZD\/USD struggles to defend the previous day\u2019s run-up as it prods the 100-DMA resistance amid early Wednesday morning in Europe. In doing so, the Kiwi pair justifies the market\u2019s dilemma amid mixed New Zealand Retail Sales data and the US Dollar\u2019s retreat ahead of the key US PMIs for August. That said, the quote seesaws around 0.5950 by the press time.<\/p>\n As per Statistics New Zealand, the Pacific major\u2019s Retail Sales improved during the second quarter (Q2) of 2023. On the same line could be the comments from Reserve Bank of New Zealand (RBNZ) Chief Economist Paul Conway. However, the Retail Sales ex Autos, also known as the Core Retail Sales, marked downbeat print and challenges the national growth concerns, as well as the Kiwi pair buyers.<\/p>\n On the contrary, the US Dollar Index<\/a> (DXY) retreats from the 10-week high marked the previous day to around 103.50 at the latest.<\/p>\n Technically, the nearly oversold RSI (14) line allows the NZD\/USD traders to pare recent losses while bouncing off the yearly low.<\/p>\n Though, a convergence of May\u2019s low and the top line of a five-week-long falling wedge bullish chart<\/a> formation, around 0.5980-85, appears a tough nut to crack for the Kiwi pair buyers.<\/p>\n On the flip side, the Year-To-Date (YTD) low marked on Monday around 0.5895 restricts the short-term downside of the NZD\/USD pair<\/a>.<\/p>\n Following that, the aforementioned wedge\u2019s bottom line, close to 0.5850, will be in the spotlight.<\/p>\n To sum up, NZD\/USD stays in recovery mode but the pair\u2019s further upside appears difficult unless gaining strong fundamental support.<\/p>\n\n
NZD\/USD: Daily chart<\/h2>\n