2020-08-11 17:29
Market analysisNZD/USD Outlook (11 August 2020)
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Market analysis：
Overall, NZD/USD is ranging across.
The Reserve Bank of New Zealand (RBNZ) will be announcing their interest rate decision tomorrow at 1000 (SGT).
It is likely that the central bank will be keeping its current monetary policy unchanged and not carry out new measures as the New Zealand economy is performing better than what the RBNZ expected. Also, the country is progressing well in its containment of the resurgence of COVID-19 cases, thus reducing the chance of having a second round of lockdown which will further impact the economy negatively.
A press conference will follow at 1100 (SGT). During this time, volatility is expected of NZD.
Currently, NZD/USD is testing the support zone of 0.65800 and the next resistance zone is at 0.67000.
If NZD/USD bounces off the support zone of 0.65800, look for short-term buying opportunities of NZD/USD up until the interest rate decision tomorrow at 1000 (SGT).
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NZD/USD Outlook (11 August 2020)
Singapore | 2020-08-11 17:29Overall, NZD/USD is ranging across.
The Reserve Bank of New Zealand (RBNZ) will be announcing their interest rate decision tomorrow at 1000 (SGT).
It is likely that the central bank will be keeping its current monetary policy unchanged and not carry out new measures as the New Zealand economy is performing better than what the RBNZ expected. Also, the country is progressing well in its containment of the resurgence of COVID-19 cases, thus reducing the chance of having a second round of lockdown which will further impact the economy negatively.
A press conference will follow at 1100 (SGT). During this time, volatility is expected of NZD.
Currently, NZD/USD is testing the support zone of 0.65800 and the next resistance zone is at 0.67000.
If NZD/USD bounces off the support zone of 0.65800, look for short-term buying opportunities of NZD/USD up until the interest rate decision tomorrow at 1000 (SGT).
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