The Kiwi is currently hovering at the very critical support level which has not been broken since April. At the current level there is a huge possibility for the Kiwi to post gains against USD which can potentially take the pair to the region around 0.6100.
All things being equal, the NZD/USD exchange rate would continue to surge in the descending channel pattern. Bulls could aim for the upper line of the descending channel within the next week trading session.
We expect a huge driver for the pair to be from the continual improvement of Risk environment, successful containment of Covid-19, improvement of Chinese economy, and good prospect of US-China trade deal.
The Risk-on environment will likely result to sell-off of USD which has been considered a strong haven consistently for the past 3 months.
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