The kiwi remains at the bottom of the pack in trading today
Despite some retracement in the dollar moves overnight, the kiwi is the only major currency which is weaker than the greenback on the day.
It really does seem like no matter what the case is over the last two weeks, it's been to sell the New Zealand dollar.
Yesterday's close against the dollar saw it fall below the 3 January low @ 0.7073 and that opens up a further move towards the 61.8 retracement level @ 0.7032 but the broader downside momentum should be eyeing a move towards the 0.7000 psychological handle in my view.
As for AUD/NZD, the downside swing cycle appears to have come to a halt as the pair manages to stop the bleeding near the multi-year support level stemming from 2015. As the pair breaks above the 61.8 retracement level @ 1.0717, the next key level to watch out for will be the 100-day MA @ 1.0795.
