Week: 23-27.11.2020

 

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.

Key Levels:

  • Resistance 0.6940, 0.7050

  • Support 0.6780

 

Bullish

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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