• NZD/USD dipped on Wednesday as escalating global trade tensions weighed on the trade-exposed Kiwi dollar.
• Trump’s 25% tariffs on Mexican and Canadian imports took effect Tuesday, alongside a hike in Chinese duties to 20%, igniting trade wars.
• In response, China and Canada imposed retaliatory tariffs on various U.S. goods, while Mexico is expected to follow suit on Sunday.
• The New Zealand dollar often used as a proxy for China's currency was down 0.11% to $0.5658.
• Immediate resistance is located at 0.5702(50%fib), any close above will push the pair towards 0.5736(Feb 26th high ).
• Support is seen at 0.5636 (38.2%fib) and break below could take the pair towards 0.5589 (Lower BB).
Recommendation: Good to sell around 0.5690, with stop loss of 0.5750 and target price of 0.5600
