AUD/NZD consolidating ahead of New-Zealand retail sales

• New-Zealand retail sales coming up at 21.45 GMT.
• AUD/NZD trading rangebound between 1.0660-1.0770.

The AUD/NZD is trading at around 1.0720 down approx -0.16% ahead of New Zealand’s Electronic card retail sales in February expected at 3.4% y/y and 1.4 m/m scheduled at 21.45 GMT

The AUD/NZD has been consolidating for the last two weeks coiling around the 61.8% Fibonacci retracement which is close to the 1.0700 level, with the low of the range seen at 1.0660 and the high of the range at 1.0770. The AUD/NZD is trading below it 100 and 200-period moving average and is currently in a downtrend since late October 2017. The last two weeks the sellers had three attempts to break the 1.0770 level but buyers were always eager to buy and kept the price well supported. The RSI is constructive but is still below the 50 mark. 

AUD/NZD daily chart

On the 4-hour chart, the price is rejecting the 100-period moving average and the next key support is seen in the 1.0660 area as the market is constructing a triangle pattern. 
 
AUD/NZD 4-hour chart

Next week on Wednesday will see the New Zealand Q4 GDP figures expected at 2.7% y/y and 0.6% q/q. We will see if the data could potentially unlock the status quo and offer some direction to the pair. No major market moving news is scheduled for the AUD/NZD next week.