The lower than expected retail sales data has seen NZD/USD fall below .7800 and the hourly charts are now back in favour of the bears, with the market trying to consolidate below previous lows at .7805.
Bulls should not give up hope completely, as there is a major 61.8% retracement level (.7370/.8470) at .7790 and if that level can hold, then there will be the risk of a short-covering rally.
