NZD has benefitted from a modest uptick in.....>

KIWI: NZD has benefitted from a modest uptick in retail card spending in the

month of June, although total card spending moderated. Westpac noted that

"retail spending levels rose by 0.8% in June. That was a bit above analysts'

forecasts. Although we have seen some moderate gains in spending in recent

months, the trend in retail spending has clearly softened over the first half of

2018. In fact, comparing spending in the three months to June with the preceding

three months, spending levels have essentially been flat."

- NZD/USD bulls will have taken comfort in support emerging ahead of the $0.6674

May 2016 low, that, along with correcting oversold studies, provided the impetus

for a bounce last week, the cross last deals at $0.6850. This week bulls look

for a close above the 55-DMA ($0.6932) to hint at a move back to $0.7059-0.7157.

Bears now need a close below $0.6797 to ease pressure on the 21-DMA and below

$0.6741 to reconfirm focus on $0.6674-86.