SYDNEY, Jan 9 (Reuters) - The Australian and New Zealand dollars regained some ground on Tuesday as a rally on Wall Street revived risk appetite and domestic data on retail spending proved surprisingly strong.

The Aussie edged up further to $0.6726, after bouncing from a low of $0.6678 overnight. Resistance lies around $0.6730 and $0.6771, with support down at $0.6641.

The kiwi dollar crept to $0.6255, having found support around $0.6213 the previous session. A break of resistance at $0.6285 is needed to improve the technical position.

Data on Australian retail sales showed a 2.0% jump for November, the biggest rise in two years and handily beating market forecasts of 1.2%.

Much of the gain was due to the popularity of Black Friday and Cyber Monday events, which have yet to be fully captured by the seasonal adjustment process. This tends to flatter November at the expense of December.

"All told, we suspect that the retail sales will fall anew in December, so we doubt the RBA will see fit to resume its tightening cycle," said Abhijit Surya, an economist at Capital Economics.

"And if households tighten their belts as sharply as we think they will, the RBA could be cutting rates as early as May, which is sooner than most expect."

More telling will be the November consumer price report due on Wednesday, when analysts expect annual inflation to slow to 4.4%, from 4.9% in October.

"We expect to see signs of disinflation in market services," said CBA economist Stephen Wu. "That would be consistent with very soft activity indicators for Q4."

Such an outcome would be a relief for the Reserve Bank of Australia (RBA) which has been worried that service sector inflation was proving so sticky that interest rates might need to rise again, even after November's hike.

Futures markets imply almost no chance the RBA will have to tighten further from the current 4.35%, but have recently pared the chance of a first cut in May to around 36%.

The probability of an easing rises to 64% for June, and is almost fully priced by August.

The market has a relatively modest 40 basis points of easing priced in for all of 2024. This is a lot less than the 139 basis points priced for U.S. rates, though that in part reflects the fact that the latter are currently so much higher at 5.25%-5.5%. (Reporting by Wayne Cole; Editing by Sonali Paul)