NZD/USD Outlook (02 March 2020)

Overall, NZD/USD is trending downwards. Recently, NZD/USD trended lower, breaking the support level of 0.62600. This morning, NZD/USD gapped downwards by around 50pips to the key level of 0.62 after the release of the poor PMI figures over the weekend. Manufacturing activities in China plunges to an all-time low and its non-manufacturing sector contracted as well.
Currently, NZD/USD is bouncing off the resistance level of 0.62600 and its next support level is at 0.60300.
Look for short-term selling opportunities of NZD/USD while keeping a lookout for the key level of 0.62.