NZD/USD traded on a heavier note Tuesday,......>

KIWI: NZD/USD traded on a heavier note Tuesday, finishing in negative territory,

as NZD underperformed all of its G10 peers, including the generally struggling

greenback. The rate attacked the $0.6500 mark and after bottoming out at $0.6503

clawed back some losses ahead of the close. It failed to make gains despite the

formation of a golden cross, which should support the bullish case.

- It has extended its recovery this morning, as reports pointing to a successful

trial of Moderna's potential vaccine for Covid-19 have supported risk appetite.

- The rate sits +12 pips at $0.6544, with bulls targeting Jul 9 high of $0.6601.

A break here would open the upper 3.0% Bollinger band at $0.6670. Conversely, a

fall through Tuesday's low of $0.6503 would expose Jun 22 low of $0.6377.

- PM Ardern said that in case of a spike in Covid-19 cases, the gov't will

implement localised restrictions rather than a nationwide lockdown. She pushed

back against the imminent introduction of the trans-Tasman travel bubble.

- Elsewhere, a veteran National Party's polititian Judith Collins was elected to

lead the main opposition party into September's general election.

- Focus turns to New Zealand's CPI (Thursday) and BusinessNZ M'fing PMI (Friday)