AUD/NZD slips on retails sales miss, turns lower on the day

• Aussie dips on disappointing sales figures.
• RBNZ rate decision on Thursday unlikely to stun.

The Aussie slipped against the Kiwi into the low end of recent consolidation following disappointing sales figures for Australia, and the AUD/NZD is back into 1.0685.

Australia retail sales arrive at 0.0 percent in March, a big miss

Australian Retail Sales numbers missed expectations, showing 0.0% growth on the year-on-year period for March, missing the 0.3% expected contraction and a complete collapse from the previous reading of 0.6%. Economic data for both Australia and New Zealand have been disappointing affairs lately, but the steadily-worsening economic outlook for Australia is eating away at the AUD's ability to continue staging a recovery against the Kiwi after catching a reprieve at April's low of 1.0488.

Both the Reserve Bank of Australia (RBA) and the Reserve Bank of New Zealand (RBNZ) are expected to hold still on interest rates until well into 2019, and this week will see another bust of a rate decision from the RBNZ on Thursday, with the central bank already telegraphed to hold steady.

AUD/NZD Levels to watch

The Aussie recovery is running out of juice quickly, and the pair's fall away from the month's high at 1.0755 takes the pair further away from the long-standing 50.0 Fibo level at the 1.0800 handle. A continuation of the long-term bear trend will face contention at the 50.0 retracement level at 1.0600, and a break of that level will send the pair challenging April's low near 1.0490.