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Forex: NZD/USD range-bound ahead of RBNZ decision later tonight

The NZD/USD has been seemingly devoid of any sweeping movements Wednesday, ahead of the looming RBNZ rate decision and monetary policy statement scheduled for later tonight. Having oscillated in a 43-pip range (0.8235-0.8278) today, the cross has now settled in negative territory at 0.8250/53 at the onset of American trading.

Earlier today in the United States, Retail Sales (MoM) reported a jump of +1.1% in February, against expectations of only +0.5%. In addition, Retail Sales ex-autos (MoM) climbed +1.0% in the month of February, against a consensus of only +0.5%.

The ICN.com Technical Analyst team calculates the next short-term supports at 0.8225, ahead of the 0.8200 barrier, and finally 0.8160. Conversely, an extension upwards will result in the testing of resistances at 0.8275, then 0.8310, and eventually 0.8355.

According to the ICN.com Analyst Team, “The NZD/USD failed to breach key resistance levels of the downside move, however at the same time we find it stable above its respective linear regression indicators, which are positive now. Before breaching the resistance level though, we cannot confirm extending the upside move, therefore we prefer to remain neutral for the rest of the day.”

Forex: AUD/USD erases losses after US data

Commodity currencies, but specially the CAD, benefitted from better than expected US retail sales, and managed to advance against the greenback. AUD/USD bounced from daily lows just beneath 1.0300 and erased losses climbing to the 1.0320 zone.
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Forex: EUR/USD hits fresh 3-month low beneath 1.2950

The euro extended losses against the greenback in the wake of strong US retail sales data, and despite a recovery attempt, it recently broke below the 1.2955 area (previous range bottom) to hit a fresh 3-month low.
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