NZD/USD: The 0.60 level should cap price action next week – Westpac

Relative to other asset classes during COV-19, the NZD, and NZ commodities have been swept along with the rest by similar orders of magnitude, economists at Westpac Institutional Bank apprise. 

Key quotes

“NZD/USD remains under downward pressure, with corrective bounces short-lived. The 0.60 level should cap price action next week, while support at 0.5470 remains vulnerable.”

“Further ahead, there’s potential to test major support at 0.4900 if uncertainty about the COVID19 and economic outlook remain high.”