Key event: NZD. RBNZ’s Governor speech.
The Reserve Bank uses monetary policy to maintain price stability and to keep inflation between 1 and 3 percent on average over the medium term. The Bank implements monetary policy by setting the Official Cash Rate, which is reviewed eight times a year.
Hints of rising interest rates strengthen the currency.
Until the speech, we expect prices to range in the actual supply zone. The speech will surely cause a break of the zone either to the next supply zone or back to support levels.
Resistance 0.6940, 0.7050
Price is ranging in the supply zone between 0.6940 and 0.6890 levels. The speech will likely cause a breakout of the range.
Call to Action/Trade Idea
We will look for any opportunity to join the bullish trend. Either a retracement to previous support or a breakup of the supply zone.
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