With the upcoming interest rate announcement from the RBNZ, NZDUSD traders remain steady and not making any crazy moves yet. The expectation is for the decision to be without any fireworks and to come out neither with a hike, nor a cut. The rate is forecasted to remain at +5.50%. If so, we might not experience huge moves in NZD during the release, unless the press conference, which will follow an hour after, has something in it that could spook or excite NZD traders.
The technical picture shows that NZDUSD continues to grind higher, while running above a couple of tentative trendlines, where the shortest one is drawn from the low of November 17th. At the time of writing, the pair remains below a key resistance are, which is roughly between the 0.6086 and 0.6092 levels. The latter one is the current highest point of November. In order to shift our attention to some higher zones, a break of that resistance areas is required. Until then, we will stay cautiously bullish.
If that break happens, this will confirm a forthcoming higher high, possibly setting the stage for further advances. We will then aim for the 0.6121 hurdle, or even the 0.6132 level, marked by the high of August 4th. Alternatively, a break of the aforementioned short-term upside line and a drop below the 0.6061 zone, marked by the current lowest point of today, may spark temporary interest in the eyes of the bears. NZDUSD could then drift to the 0.6035 obstacle, a break of which might open the way towards the psychological 0.6000 zone.
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