At tomorrow’s assembly, the RBNZ might once more elevate the rate of interest, as anticipated by 0.75%, and in addition communicate in favor of additional rate of interest will increase on the subsequent conferences (we wrote about this intimately in our earlier evaluation NZD/USD: within the space of key resistance ranges) .
Within the meantime, the NZD/USD pair continues to develop an upward correction, transferring in the direction of the important thing long-term resistance stage 0.6230. From a technical standpoint, and in addition considering the expansion potential of the US greenback, within the space of this resistance stage, we anticipate a rebound and a few stabilization within the space of 0.6200, 0.6100 marks.
Within the various state of affairs, NZD/USD will proceed to rise in the direction of the subsequent long-term resistance stage 0.6305. Its breakdown, in flip, considerably will increase the probabilities of NZD/USD returning to a long-term bullish pattern.
*) For upcoming occasions of this week, see Key financial occasions of the week 11/21/2022 – 11/27/2022
Help ranges: 0.6120, 0.6086, 0.6065, 0.5975, 0.5940, 0.5900, 0.5860, 0.5600, 0.5565, 0.5512, 0.5470
Resistance ranges: 0.6200, 0.6235, 0.6260, 0.6305
