• The New Zealand dollar declined, retreating from a 1-week peak hit in the previous session as the latest update on the spread of the virus stoked fears that the epidemic remains a potent threat to the global economic outlook.
   
• Moreover, comments from RBNZ Governor, Adrian Orr, stating that Coronavirus poses downside risks to the outlook and it will have an impact on monetary policy if outbreak lasts for a sustained period further dented the bid tone around the pair.
   
• On Wednesday, the major rallied as high as 0.6487 after the Reserve Bank of New Zealand held rates at record lows, as expected and surprised by dropping its easing bias. 
   
• The Kiwi was trading 0.3 percent down at 0.6445, having hit a low of 0.6378 on Tuesday, its lowest level since November 15. 
   
• Technical indicators are turning bearish: RSI weak at 39.45 and MACD supports downside.
   
• Immediate resistance is located at 0.6477, a break above could take it near 0.6499 (200-DMA). 
   
• On the downside, support is seen at 0.6421 (5-DMA), a break below could drag it till 0.6399.