NZD/USD is at session lows of 0.7087
Things are really not looking good for the kiwi at the moment. The fall today if sustained would be the ninth straight day of declines for the NZD/USD.
And given the pace of the declines, it's tough to see a key area where the fall should stop. I'm erring more towards the 0.7000 psychological level, but there are a couple of support levels to look out for in between here and there.
The first of which is the 3 January low @ 0.7073, and following that is the 61.8 retracement level @ 0.7032. Those two will be support levels to watch out as the downside move continues.
It's been a painful last two trading weeks for the kiwi - and the fall today sees it turn negative against the dollar in terms of year-to-date performance.
But given the slide that we're seeing at the moment, it's tough to argue that the two support levels will be able to work wonders to halt the downside momentum. It'll take a real change of sentiment in the market for that to happen in my view.
