NZD/USD: not much action on NZ retails sales

NZD/USD is currently balance dat 0.6820 support before the release of the Q1 New Zealand retail sales report today. We have seen the retails sales that was expected to rise 1.0% q/q but came in at just 0.8%. This will be data that the RBNZ will be monitoring closely, but there was little in the price action. However, the key focus is on US retail sales in the US closing session.

NZD/USD levels

NZD/USD remains above the 20 sma on the 4 hourly chart at 0.6790 and below the recent highs of 0.6845. The 200 sma on the 4hr at 0.6883 where the rising channel support lies in the bullish trend is key target. the channel was established in the January recovery while the double top would need to be broken on the 0.70 handle for a confirmation in the trend moving higher. To the downside, 0.6720 is the key focus in line with the 100 dma.