• NZD/USD advanced on Friday as weaker greenback and upbeat New Zealand retail sales data boosted kiwi dollar.
• New Zealand retail sales in the first quarter exceeded expectations, boosted by interest rate cuts that enhanced consumer demand and confidence..
• New Zealand Retail sales increased by 0.8% over the quarter, surpassing expectations of no change, Stats NZ reported on Friday.
• The week ahead will be key for the Antipodean currency, with the RBNZ expected to cut the OCR to 3.25% on Wednesday, though its future policy path remains uncertain.
• At GMT 05:58, the New Zealand dollar was up 0.37% to 0.5916 against the dollar.
• Immediate resistance is located at 0.5943(38.2%fib), any close above will push the pair towards 0.6036(23.6%fib).
• Support is seen at 0.5874(50%fib) and break below could take the pair towards 0.5800(Psychological level).
Recommendation: Good to buy around 0.5910 with stop loss of 0.5820 and target price of 0.6000
