Market analysis：Overall, NZD/USD is trending upwards. Recently, NZD/USD rejected the resistance zone of 0.67600 after a strengthening in USD due to an increase in demand caused by a strong sell-off in various stock markets.The Reserve Bank of New Zealand (RBNZ) will be announcing their interest rate decision tomorrow at 1000 (SGT). It is expected that the RBNZ will be holding rates unchanged at 0.25%. Having already expanded its Large Scale Asset Purchase (LSAP) programme from NZ$60 billion to NZ$100 billion during the previous monetary policy meeting in August, it is likely that the central bank will stay put for the moment. The RBNZ may also reiterate their plan on cutting interest rate below zero next year. Doing so may cause NZD/USD to further weaken from its recent downward move.NZD/USD’s next support zone is at 0.65200 and the next resistance zone is at 0.67600.Look for short-term selling opportunities of NZD/USD up until the release of the interest rate decision tomorrow at 1000 (SGT).
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