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Kiwi Stable After Retail Sales Beat

NZD

NZD/USD is broadly stable after a decent beat in New Zealand's Q1 retail sales, which rose 2.5% Q/Q (vs. BBG est. of -1.8%). Stats NZ noted that overall retail spending was boosted by expenditures on electronic items and outdoor recreational goods.

  • NZD/USD posted a ~5 pip knee-jerk higher, last sits -2 pips at $0.7172. The technical picture outlined earlier remains in play.
  • AUD/NZD last seen -10 pips at NZ$1.0773. A break below the 200-DMA at NZ$1.0746 would open up May 14/6 lows of NZ$1.0720/19. Conversely, a jump above May 21 high of NZ$1.0808 would turn focus to May 13/4 highs of NZ$1.0817/22.
  • NZD/JPY trades at Y78.14, little changed on the day. A slide through the 50-DMA at Y77.90 would clear the way to May 4 low of Y78.62. Meanwhile, bulls keep an eye on May 14 high of Y79.35, followed by May 10 high of Y79.43.
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