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Unfazed By NZ Retail Sales

AUSSIE-KIWI

AUD/NZD has inched higher, but remains happy to hug a tight range, while operating near cycle highs. Little reaction seen after the release of New Zealand's Q2 retail sales, which tumbled 14.6% Q/Q, with Q1 reading revised lower to -1.2% & BBG forecast looking for -15.0%. The rate changes hands +7 pips at NZ$1.0956.

  • Bulls see Aug 20/18 highs of NZ$1.1034/44 as their initial targets and a break here would expose 2018 high of NZ$1.1176. Conversely, losses past NZ$1.0930 would allow bears to target Jun 2 high of NZ$1.0881.

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