ByJin Dao Tai
AUG 18, 2021
Overall, NZD/USD is ranging across. Recently, NZD/USD weakened and broke the support zone of 0.69500 after it was announced that New Zealand will return into a nationwide lockdown after the reporting of one new local COVID case in six months.
The Reserve Bank of New Zealand (RBNZ) will be announcing their monetary policy decision later at 1000 (GMT+8). It is expected that the central bank will be hiking interest rate by 0.25% amid the strong economic recovery in New Zealand. The hike in rates will also help ease the recent spike in property prices. However, due to the new COVID case that was discovered in New Zealand yesterday, Prime Minister Jacinda Ardern promptly announced a nationwide lockdown for 3 days with immediate effect. Nonetheless, the RBNZ is likely going to continue with the rate hike but will address the public on their views on this unfortunate turn of events.
A press conference will be held at 1100 (GMT+8). During this time, volatility in NZD is expected.
Currently, NZD/USD is moving towards the resistance zone of 0.69500 and the next support zone is at 0.67900.
If the RBNZ proceeds with a rate hike but NZD/USD fails to break the resistance zone of 0.69500, look for short-term selling opportunities.
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