{"id":73816,"date":"2023-11-28T11:28:42","date_gmt":"2023-11-28T09:28:42","guid":{"rendered":"https:\/\/ironfx-com-php8.wp-dev.int.theitops.net\/?p=73816"},"modified":"2025-12-11T14:06:48","modified_gmt":"2025-12-11T12:06:48","slug":"rbnz-to-remain-on-hold","status":"publish","type":"post","link":"https:\/\/www.ironfx-cn.com\/id\/rbnz-to-remain-on-hold\/","title":{"rendered":"RBNZ to remain on hold"},"content":{"rendered":"<p>The greenback continued to weaken for a third day in a row yesterday as the New Home sales figure for October came in lower than expected, implying a contraction of economic activity in the US construction sector, but also a lack of confidence on behalf of the US consumer to engage in long term investment. Overall, the result seems to have weighed on USD, yet we would also add that a correction lower should be expected after September\u2019s stellar rise of the indicator\u2019s reading. As for US stock markets, there is still some hesitancy for a clearcut advance higher despite the relatively good sales of Black Friday.&nbsp;&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"RBNZ interest rate decision due out tomorrow\" width=\"750\" height=\"422\" src=\"https:\/\/www.youtube.com\/embed\/vNjsw2nOtRg?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>Across the Atlantic, we note the common currency seems to have gotten a slight boost against the USD yesterday. On a macroeconomic level, we note that Germany\u2019s consumer attitude is less pessimistic for December, given also the holiday season, which may support the common currency somewhat. Furthermore, ECB President Lagarde seemed to be leaning on the hawkish side yesterday which in turn may keep the EUR supported on a monetary level.&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p>EUR\/USD hit a ceiling at the 1.0960 (R1) resistance line during today\u2019s Asian session. As for the future direction of the pair we are getting some conflicting messages. Please note that price action seems to be consolidating in a bullish triangle formed between the 1.0960 (R1) resistance line and the upward trendline guiding the pair since the 20<sup>th<\/sup> of November. Such a scenario would imply a break out above the R1, something that may be partially supported by the RSI indicator which remains above the reading of 50, implying a bullish predisposition of the market. Yet the RSI indicator seems to be slightly dropping, implying a possible stabilisation of the pair, while a more far-fetched scenario, would imply that a double top reversal formation may be in the works and if so, a downward motion should be expected. Should the bulls maintain control over the pair, we may see EUR\/USD breaking the 1.0960 (R1) line and aim for the 1.1065 (R2) level. Should the bears take over, we may see the pair breaking the prementioned upward trendline, in a first signal that the upward motion has been interrupted, break the 1.0835 (S1) line and aim for the 1.0735 (S2) level.<\/p>\n\n\n\n<p>We would like to make a comment also about RBNZ\u2019s interest rate decision tomorrow. The bank is widely expected to remain on hold at 5.5% and the market is expected to have reached its terminal rate. Yet market analysts tend to highlight the possibility of extensive rate cuts in the coming year. Should the bank in its accompanying statement more or less maintain a cautious tone, foreshadowing an early cut in the official cash rate, we may see the Kiwi retreating.<\/p>\n\n\n\n<p>NZD\/USD maintained an upward motion aiming for the 0.6120 (R1) resistance line. We tend to maintain a bullish outlook for the pair as long as the upward trendline incepted on the 14<sup>th<\/sup> of November remains intact. Yet we have to note some signs of stabilisation as the RSI indicator corrects lower, aiming for the reading of 50, implying that the bullish sentiment is fading away. Should the pair continue finding buying orders along its path, we may see NZD\/USD breaching the 0.6120 (R1) resistance line and start aiming for the 0.6190 (R2) resistance nest. Should a selling interest be expressed by the market, we may see NZD\/USD breaking the prementioned upward trendline in a first signal that the bullish movement ended and continue lower by breaking the 0.6050 (S1) support base and aiming for the 0.5980 (S2) support level.&nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-other-highlights-for-the-day\"><strong>Other highlights for the day:<\/strong><\/h2>\n\n\n\n<p>Today in the European session we note the release of France\u2019s consumer sentiment and in the American session, we note the US consumer sentiment and the Richmond Fed&nbsp; Composite Index both for November and the API weekly crude oil inventories figure, while a number of speakers are scheduled to make statements throughout the day.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-eur-usd-4-hour-chart\"><strong>EUR\/USD 4 Hour Chart<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"975\" height=\"456\" src=\"\/wp-content\/uploads\/2023\/11\/image-136.png\" alt=\"support one point zero eight three five and resistance at one point zero nine six, direction upwards     \" class=\"wp-image-73817\" title=\"eur-usd-four-hour-chart\"\/><\/figure>\n\n\n\n<p>Support: 1.0835 (S1), 1.0735 (S2), 1.0635 (S3)<\/p>\n\n\n\n<p>Resistance: 1.0960 (R1), 1.1065 (R2), 1.1150 (R3) <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-nzd-usd-4-hour-chart\"><strong>NZD\/USD 4 Hour Chart<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"975\" height=\"456\" src=\"\/wp-content\/uploads\/2023\/11\/image-137.png\" alt=\"support at zero point six zero five and resistance at zero point six one two, direction upwards     \" class=\"wp-image-73818\" title=\"nzd-usd-four-hour-chart\"\/><\/figure>\n\n\n\n<p>Support: 0.6050 (S1), 0.5980 (S2), 0.5890 (S3)<\/p>\n\n\n\n<p>Resistance: 0.6120 (R1), 0.6190 (R2), 0.6270 (R3)<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"2000\" height=\"489\" src=\"\/wp-content\/uploads\/2023\/11\/image-138.png\" alt=\"\" class=\"wp-image-73819\" title=\"benchmark-28-11-2023\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1097\" height=\"622\" src=\"\/wp-content\/uploads\/2023\/11\/image-141.png\" alt=\"\" class=\"wp-image-73822\" title=\"table-28-11-2023\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1737\" height=\"1112\" src=\"\/wp-content\/uploads\/2023\/11\/image-139.png\" alt=\"\" class=\"wp-image-73820\" title=\"morning-releases-28-11-2023\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1243\" height=\"808\" src=\"\/wp-content\/uploads\/2023\/11\/image-140.png\" alt=\"\" class=\"wp-image-73821\" title=\"morning-releases-28-11-2023\"\/><\/figure>\n\n\n\n<p class=\"translation-block\">If you have any general queries or comments relating to this article please send an email directly to our Research team at <a href=\"mailto:research_team@ironfx.com\" target=\"_self\">research_team@ironfx.com<\/a><\/p>\n\n\n\n<p>Disclaimer:<br>This information is not considered as investment advice or an investment recommendation, but instead a marketing communication. IronFX is not responsible for any data or information provided by third parties referenced, or hyperlinked, in this communication.<\/p>","protected":false},"excerpt":{"rendered":"<p>The greenback continued to weaken for a third day in a row yesterday as the New Home sales figure for<\/p>","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-73816","post","type-post","status-publish","format-standard","hentry","category-uncategorized","blog-category-financial-news","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>RBNZ to Remain on Hold and NZD Outlook<\/title>\n<meta name=\"description\" content=\"RBNZ to remain on hold may cap NZD gains as traders weigh weaker USD, hawkish ECB signals and upcoming New Zealand data.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ironfx.com\/id\/wp-json\/wp\/v2\/posts\/73816\/\" \/>\n<meta property=\"og:locale\" content=\"id_ID\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RBNZ to remain on hold\" \/>\n<meta property=\"og:description\" content=\"RBNZ to remain on hold may cap NZD gains as traders weigh weaker USD, hawkish ECB signals and upcoming New Zealand data.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ironfx-cn.com\/id\/rbnz-to-remain-on-hold\/\" \/>\n<meta property=\"og:site_name\" content=\"Complete Turnkey Introducing Brokers (IB) Solution at IronFX\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-28T09:28:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-11T12:06:48+00:00\" \/>\n<meta name=\"author\" content=\"IronFX Team\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.ironfx-cn.com\\\/id\\\/rbnz-to-remain-on-hold\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ironfx-cn.com\\\/id\\\/rbnz-to-remain-on-hold\\\/\"},\"author\":{\"name\":\"IronFX Team\",\"@id\":\"https:\\\/\\\/www.ironfx-cn.com\\\/id\\\/#\\\/schema\\\/person\\\/6727476356d10030d1564b38f6e699b1\"},\"headline\":\"RBNZ to remain on hold\",\"datePublished\":\"2023-11-28T09:28:42+00:00\",\"dateModified\":\"2025-12-11T12:06:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.ironfx-cn.com\\\/id\\\/rbnz-to-remain-on-hold\\\/\"},\"wordCount\":759,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.ironfx-cn.com\\\/id\\\/#organization\"},\"articleSection\":[\"Uncategorized\"],\"inLanguage\":\"id\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ironfx-cn.com\\\/id\\\/rbnz-to-remain-on-hold\\\/\",\"url\":\"https:\\\/\\\/www.ironfx-cn.com\\\/id\\\/rbnz-to-remain-on-hold\\\/\",\"name\":\"RBNZ to Remain on Hold and NZD Outlook\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ironfx-cn.com\\\/id\\\/#website\"},\"datePublished\":\"2023-11-28T09:28:42+00:00\",\"dateModified\":\"2025-12-11T12:06:48+00:00\",\"description\":\"RBNZ to remain on hold may cap NZD gains as traders weigh weaker USD, hawkish ECB signals and upcoming New Zealand data.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.ironfx-cn.com\\\/id\\\/rbnz-to-remain-on-hold\\\/#breadcrumb\"},\"inLanguage\":\"id\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.ironfx-cn.com\\\/id\\\/rbnz-to-remain-on-hold\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.ironfx-cn.com\\\/id\\\/rbnz-to-remain-on-hold\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.ironfx-cn.com\\\/id\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"RBNZ to remain on hold\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.ironfx-cn.com\\\/id\\\/#website\",\"url\":\"https:\\\/\\\/www.ironfx-cn.com\\\/id\\\/\",\"name\":\"Complete Turnkey Introducing Brokers (IB) Solution at IronFX\",\"description\":\"&quot;Our Introducing Brokers program offers competitive conditions tailored to our partners&#039; needs. 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