AUD/NZD Price Analysis: Drops hard on big Retail Sales miss to test 50% mean reversion

• AUD/NZD bears move in on the back of big Retail Sales miss. 
• AUD/NZD Fibonacci scale is being run, but bulls are lurking. 

AUD/NZD has been sent lower on the Retail Sales miss: Australia Retail Sales (MoM) Dec: -3.9% (est -0.2%; prev 1.4%).

AUD/NZD has been on the backside of the dominant bear trend that has been in play since the end of September but is on the backside of the correction of the trend as well. Nevertheless, there are prospects of a move higher according to the following daily charts:

Zoomed in...

The upside is favourable with the tepid correction into the 50% mean reversion area but there is room to go should the bears fancy a crack at the 61.8% ratio or even lower to the prior resistance of the W-formation located near the 78.6% ratio.