At tomorrow’s meeting, the RBNZ may raise the interest rate again, as expected by 0.75%, and also speaks in favor of increasing interest rates at the next meetings (we wrote about this in detail in our previous review of the NZD / USD pair: in the zone of resistance levels Main).
Meanwhile, the New Zealand dollar / US dollar (NZD / USD) continues to develop an upward correction, moving towards the main long-term resistance level of 0.6230. From a technical point of view, and taking into account the growth potential of the US dollar in the area of this resistance level, we expect a recovery and some stability in the area of 0.6200 and 0.6100 marks.
In an alternative scenario, NZD/USD will continue rising towards the next long-term resistance level 0.6305. Its collapse, in turn, greatly increases the chances of NZD/USD returning to the long-term bullish trend.
*) For upcoming events for this week, see the major economic events for the week 11/21/2022 – 11/27/2022
Support Levels: 0.6120, 0.6086, 0.6065, 0.5975, 0.5940, 0.5900, 0.5860, 0.5600, 0.5565, 0.5512, 0.5470
Resistance levels: 0.6200, 0.6235, 0.6260, 0.6305