• EUR/NZD declined on Monday as increased risk appetite and higher commodities prices boosted Australian dollar ahead of Australian retail sales data.
• Investors will be closely monitoring Australian retail sales data, which is set to be released on Tuesday. Economists are projecting a modest increase of 0.1% in retail sales for April, following a 0.4% decline in March.
• Retail salesdata is significant as it provides insights into consumer spending and economic health in Australia.
• Technical signals are bearish as RSI is heading down at 34, daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.7728 ( 38.2% fib), any close above will push the pair towards 1.7800(50% fib)
• Support is seen at 1.7642(23.6%fib ) and break below could take the pair towards 1.7571(Lower BB).
Recommendation: Good to sell around 1.7680, with stop loss of 1.7780 and target price of 1.7600
