NZD/USD Outlook (13 November 2019)

Overall, NZD/USD has been ranging across. Recently, the New Zealand dollar strengthened after the Reserve Bank of New Zealand (RBNZ) kept interest rate unchanged at 1.00% as opposed to the market expectation that the RBNZ will cut interest rate.
In the monetary policy statement, the RBNZ stated that after weighing the costs and benefits of holding interest rate at 1.00% versus cutting it to 0.75%, the committee agreed that both actions were consistent with the current interest rate projection. Also, the RBNZ stated that although inflation rate is below the 2% target, it is still within their target range.
Currently, NZD/USD is testing the key level of 0.64. NZD/USD’s next support level is at 0.62600 and the next resistance level is at 0.64400.
With the hawkish interest rate statement, look for buying opportunities of the NZD/USD after it breaks the key level of 0.64 upwards.
RBNZ Governor Adrian Orr will be testifying on the monetary policy statement tomorrow at 0310 (SGT).
During this time, volatility is expected of the NZD pairs.