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FxWirePro: NZD/USD firms after strong New Zealand retail sales data

• NZD/USD edged higher on Monday    kiwi dollar gained some traction after upbeat New Zealand retail sales data.

• Data on Monday showed retail sales in New Zealand rose a solid 0.5% in the June quarter amid signs of a long-awaited recovery in consumer spending..

• Sales rose across most industries, led by strong gains in electronics, supermarkets, groceries, and pharmaceuticals, the data showed.

• Investors are still expecting two more easings of the current cash rate of 3% to 2.5% by early next year.

•  Immediate resistance is located at 0.5896(50%fib), any close above will push the pair towards 0.5911 (SMA 20).

•  Support is seen at 0.5798(61.8%fib)and break below could take the pair towards 0.5782(Lower BB).

 Recommendation: Good to sell  around 0.5920 with stop loss of 0.6050 and target price of 0.5850

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