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KIWI: NZD/USD extended its decline to four straight sessions on Wednesday,
weighed on by concern over spreading coronavirus in China. The rate staged a
recovery attempt in European hours, which took it above the $0.6600 mark, but
the move proved short-lived. Worth noting that Fitch revised outlook on New
Zealand's Foreign Currency IDR to positive, but the kiwi's immediate reaction to
the update was limited.
- NZD/USD sits at $0.6594, almost unchanged on the day. Bears look for a break
below the 50-DMA at $0.6573, which would expose the ascending trendline drawn
off the Oct 16 low/38.2% retracement of the Oct 16 - Dec 31 rally at $0.6555/45.
Meanwhile, a sustained move above the $0.6600 level would shift the focus to
$0.6626/27, the crossover of the 23.6% retracement of the aforementioned rally &
resistance from a descending trendline drawn off the Dec 31 peak.
- Credit card spending data and, crucially, Q4 CPI headline NZ docket during the
remainder of this week. Both come out on Friday. Elsewhere, today's labour
market report out of Australia may provide some interest.