NZD/USD Set to Depreciate

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The NZD is under pressure and could move lower against the dollar for the day as concerns that the Reserve Bank of New Zealand may start buying bonds directly from the government rose.  

Having moved up all the way during Asian trading we could see the market favouring the greenback once again as COVID-19 concerns mount and as the USD is seen as a safe-haven during these times. NZD/USD is still within the daily range of heading lower, confirming a technical move to the downside.

We entered at 0.5995 with SL at 0.6025 and TP around 0.5920

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