From ANZ's outlook for the AUD the week and month ahead

  • growth differentials and concerns over the global growth outlook weigh. Asset prices and sentiment, more broadly, remain elevated, despite mounting risks as the spread of COVID-19 is scrutinised. While the aggregate numbers have been positive, isolated pockets of contagion are more worrisome and pose further downside risks to growth. We continue to favour defensive positioning as the growth outlook frays.

and

  • only a globally synchronous rise in growth would lift the AUD much above current levels. While RBA easing is likely to have been pushed out by improving labour market momentum, lack of carry from low domestic yields will hamper the AUD in the medium term.

ANZ have fair value rate at 0.70

Interestingly the bank nominate NZD/USD fair value as 0.63