Preparing For The RBNZ Interest Rate Decision
With the upcoming interest rate announcement from the RBNZ, NZDUSD traders remain steady and not making any crazy moves yet. The expectation is for the decision to be without any fireworks and to come out neither with a hike, nor a cut. The rate is forecasted to remain at +5.50%. If so, we might not experience huge moves in NZD during the release, unless the press conference, which will follow an hour after, has something in it that could spook or excite NZD traders.
The technical picture shows that NZDUSD continues to grind higher, while running above a couple of tentative trendlines, where the shortest one is drawn from the low of November 17th. At the time of writing, the pair remains below a key resistance are, which is roughly between the 0.6086 and 0.6092 levels. The latter one is the current highest point of November. In order to shift our attention to some higher zones, a break of that resistance areas is required. Until then, we will stay cautiously bullish.
If that break happens, this will confirm a forthcoming higher high, possibly setting the stage for further advances. We will then aim for the 0.6121 hurdle, or even the 0.6132 level, marked by the high of August 4th.
Alternatively, a break of the aforementioned short-term upside line and a drop below the 0.6061 zone, marked by the current lowest point of today, may spark temporary interest in the eyes of the bears. NZDUSD could then drift to the 0.6035 obstacle, a break of which might open the way towards the psychological 0.6000 zone.
Disclaimer:
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Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
The technical picture shows that NZDUSD continues to grind higher, while running above a couple of tentative trendlines, where the shortest one is drawn from the low of November 17th. At the time of writing, the pair remains below a key resistance are, which is roughly between the 0.6086 and 0.6092 levels. The latter one is the current highest point of November. In order to shift our attention to some higher zones, a break of that resistance areas is required. Until then, we will stay cautiously bullish.
If that break happens, this will confirm a forthcoming higher high, possibly setting the stage for further advances. We will then aim for the 0.6121 hurdle, or even the 0.6132 level, marked by the high of August 4th.
Alternatively, a break of the aforementioned short-term upside line and a drop below the 0.6061 zone, marked by the current lowest point of today, may spark temporary interest in the eyes of the bears. NZDUSD could then drift to the 0.6035 obstacle, a break of which might open the way towards the psychological 0.6000 zone.
Disclaimer:
easyMarkets Account on TradingView allows you to combine easyMarkets industry leading conditions, regulated trading and tight fixed spreads with TradingView's powerful social network for traders, advanced charting and analytics. Access no slippage on limit orders, tight fixed spreads, negative balance protection, no hidden fees or commission, and seamless integration.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
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