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Holding Steady After Continued Sell-Off

NZD

NZD/USD took another nosedive Tuesday, extending its current losing streak to four consecutive days. Unfavourable risk backdrop undermined the pair, even as the PBOC vowed increased policy support. While China central bank's statement soothed the nerves in Asia, risk appetite soured later in the day as concerns over China's Covid-19 situation & Russia's invasion of Ukraine returned to the fore.

  • The pair printed its worst levels since the last day of January on Tuesday and last trades +2 pips at $0.6565, not too far from yesterday's low.
  • From a technical point of view, the key near-term support is located at $0.6530, the low print of Jan 28. A break here would expose Sep 24, 2020/Aug 20, 2020 lows of $0.6512/0.6489. Bulls look for recovery towards Apr 20 high of $0.6813.
  • In the absence of local data releases, Australian CPI will take focus today, with participants on the lookout for any trans-Tasman spillover.
  • Looking further afield, New Zealand's trade data & ANZ Business Confidence will hit the wires on Thursday, with ANZ Consumer Confidence coming up Friday.
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