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FxWirePro: Kiwi falls on the back of lower than expected retail sales data

  • AUD/NZD is trading around 1.0726 marks.
     
  • Pair made intraday high at 1.0743 and low at 1.0717 marks.
     
  • Today New Zealand released retail sales data with negative numbers at 0.8% q/q vs 1.1% q/q previous release.
     
  • In addition, core retail sales falls to 1.0% q/q vs 1.1% q/q previous release.
     
  • Intraday bias remains neutral for the moment.
     
  • A daily close below 1.0725 will take the parity down towards 1.0670 (February 26, 2016 low) and 1.0574 (February 12, 2016 low) marks.
     
  • On the other side, reversal from key support will drag the parity higher towards 1.0886, 1.0976 (January 2016 high) /1.1062 (30D EMA)/1.1123/1.1298/1.1317 (March 23, 2016 high) levels respectively.

We prefer to take short position in AUD/NZD only below 1.0725, stop loss 1.0823 and target 1.0651/1.0574 marks.

  • Market Data
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