FxWirePro: NZD/USD firms, setting up for next leg higher

• NZD/USD firmed on Wednesday   as U.S. dollar weakened after  U.S. retail sales data missed expectations .

• U.S. Commerce Department data on Tuesday showed U.S. retail sales were unexpectedly unchanged in December, putting pressure on consumer spending, which constitutes two-thirds of the economy.

•Investor attention this week will be focused on other upcoming U.S. data including monthly reports covering employment and consumer prices.

•   The Reserve Bank of New Zealand’s OCR decision is due on Feb 18. Market attention will be on forward guidance, which is expected to play a key role in determining the NZD’s near-term trajectory.

·   NZD/USD  upswing remains intact  . The July 1 high of 0.6120 continues to serve as a key topside target.

•  Immediate resistance is located at 0.6080(23.6%fib), any close above will push the pair towards 0.6092(Jan 29th high).

•Support is seen at 0.5980 (38.2%fib) and break below could take the pair towards 0.5959(SMA 20).

 Recommendation: Good to sell around 0.6030 with stop loss of 0.5930 and target price of 0.60120