ByJin Dao Tai
JUL 13, 2021
Overall, NZD/USD is trending downwards. Recently, NZD/USD bounced off the support zone of 0.69500.
The Reserve Bank of New Zealand (RBNZ) will be announcing their monetary policy decision tomorrow at 1000 (GMT+8). It is expected that the central bank will be holding interest rate unchanged at 0.25%. Nonetheless, pay attention to any mentioning of quantitative easing (QE) tapering by the RBNZ in the rate statement. Also pay attention to the central bank’s view on progress of economic recovery in New Zealand as it will have an impact on the tapering of QE.
Currently, NZD/USD is testing to break above the key level of 0.70. Its next support zone is at 0.69500 and the next resistance zone is at 0.71000.
Look for short-term buying opportunities of NZD/USD up until the RBNZ monetary policy meeting tomorrow.
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