NZD/USD: waiting for retail sales

On Tuesday NZD/USD dipped from $0.8000 by more than 50 pips on the better-than-expected US core retail sales figure. The pair broke below the key support at $0.7970. Next support is seen at $0.7930 and $0.7900. 

Kiwi accelerated the depreciation started on Monday, after the pair peaked at $0.8055.

Later in the day don’t miss the New Zealand Q2 retail sales release. The Q1 reading was a disappointment as growth slowed from 2.1% to 0.5% (forecast: 0.9%). The market is expecting a stronger reading in Q2, with a forecast of a 1.4% gain. 

Chart. H4 NZD/USD


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