NZD/USD is at the lows for the day, nears some support around 0.6322-34
The kiwi is continuing its horrid run of form this year with the post-RBNZ bounce proving to be extremely short-lived with price sinking to fresh three-month lows today.
By taking out support around 0.6378, the downside momentum is continuing towards some minor support around 0.6322-34 before the 0.6300 level comes into play.
The kiwi is dragged lower today amid the weaker aussie but also as the outlook for the NZ economy remains suspect amid the coronavirus outbreak - since it is largely reliant and tied to the Chinese economy.
For the most part, the market has been brushing aside those fears but still, the kiwi is struggling to get off the floor. And if something can't really on good news, then there's only one other way it will go. That has largely been the case for the kiwi this year.
For now, there is still little reason to go catching the falling knife here (similar to the aussie), so the path of least resistance remains lower for the pair - with sellers eyeing a test of the support levels highlighted above.
