With New Zealand, main focus is RBNZ Meeting where has a rate decision. This is a risk event , so traders should not ignore this event : Press Conference includes in this event.
Nearly surely RBNZ will leave interest rate unchanges at 3.5% ; they're no hurry to cut rate like RBA, they need more clues to reach an important decision about rate, BUT I THINK RBNZ WILL USE THIS EVENT TO TALK DOWN CURRENCY : KIWI. THE DOVISH STANCE WILL DOMINATE PRESS CONFERENCE
One more thing, on Thursday, we also have US Retail Sales, in my opinion,this data would be positive base on the advance of labor market and Consumer Earning.
- Teachnical Analysis.
I see an important signal:
- Strong support at 0.7180, Kiwi broke this key level recent days. NZDUSD hold above this key level for 4 months, now I see this level cannot hold Kiwi anymore. This will signal for potential strong down.
I choose 0.6900 is a target.
In short, next week, I expect Kiwi test 0.6900 level, data will wieght on NZDUSD
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