• NZD/USD traded flat on Wednesday as escalations in the Ukraine-Russia conflict pushed traders to the sidelines
• Markets were rattled overnight by Ukraine's use of U.S. missiles to strike inside Russia, with Moscow lowering the threshold for a possible nuclear strike .
• On the policy front, investors remain confident that the Reserve Bank of New Zealand will implement another 50bps rate cut at its meeting next week.
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• At (GMT 06:26) Kiwi dollar was trading at down 0.12 % at $0.5903 against the U.S. dollar.
• The technical outlook remains bearish and points to eventual bigger drop, fourteen-day momentum is negitive.
• Immediate resistance is located at 0.5922(38.2%fib), any close above will push the pair towards 0.5994(50%fib).
• Support is seen at 0.5885(5SMA) and break below could take the pair towards 0.5834 (23.6%fib).
Recommendation: Be on sidelines
