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According to analysts at ANZ, it has been one-way traffic for the NZD of late as support levels give way on the back of a stronger USD.

Key Quotes

“There were some hints of stabilisation before the New York close last week, and the PBoC RRR cut over the weekend may help to support risk in the near term. However, much will depend on how Asian markets fare early this week (with China back from holidays). If risk appetites fail to stabilise that would be a poor signal in our eyes and leave the NZD at risk of breaking down towards new multi-year lows.  We remain happy with our end of year NZD/USD forecast of 62 cents.”