NZD/USD Outlook (24 November 2021)
Overall, NZD/USD is trending downwards.
The Reserve Bank of New Zealand (RBNZ) will be announcing its monetary policy decision later at 0900 (GMT+8). It is expected that the central bank will be hiking interest rates. If the RBNZ decides to hike the interest rate by 0.25%, the New Zealand dollar may strengthen briefly for a short period of time before weakening. However, if the central bank decides to hike the rate by 0.50%, the strengthening of the New Zealand dollar may be more sustainable.
The RBNZ will also be holding a press conference at 1000 (GMT+8). During this time, volatility is expected in NZD.
Currently, NZD/USD is testing the support zone of 0.69500 and the next resistance zone is at 0.71000.
If the RBNZ delivers a dovish tone, wait for NZD/USD to break the support zone before looking for short-term selling opportunities. However, if the RBNZ delivers a hawkish tone, look for buying opportunities of NZD/USD if it bounces off the support zone.
The Reserve Bank of New Zealand (RBNZ) will be announcing its monetary policy decision later at 0900 (GMT+8). It is expected that the central bank will be hiking interest rates. If the RBNZ decides to hike the interest rate by 0.25%, the New Zealand dollar may strengthen briefly for a short period of time before weakening. However, if the central bank decides to hike the rate by 0.50%, the strengthening of the New Zealand dollar may be more sustainable.
The RBNZ will also be holding a press conference at 1000 (GMT+8). During this time, volatility is expected in NZD.
Currently, NZD/USD is testing the support zone of 0.69500 and the next resistance zone is at 0.71000.
If the RBNZ delivers a dovish tone, wait for NZD/USD to break the support zone before looking for short-term selling opportunities. However, if the RBNZ delivers a hawkish tone, look for buying opportunities of NZD/USD if it bounces off the support zone.
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