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1-Week Implied Volatility Ticking Higher As RBNZ In View

NZD

NZD/USD Implied ATM 1-Week Volatility is ticking higher as next week's RBNZ meeting comes into view.

  • We sit at 10.84% which is the highest since early October implying a $0.5953-$0.6145 range over the timeframe.
  • The RBNZ monetary policy decision is due on Wednesday, there is no change to policy expected however with ~40bps of cuts priced into OIS markets any forward guidance will be of interest to the market.
  • Bulls immediate focus is on sustaining a break of the 200-Day EMA ($0.6262) targeting 21 Nov high ($0.6086). A break through here opens $0.6168, 61.8% retracement of Jul-Oct bear leg and $0.62 handle. On the downside bears focus on a break of the $0.60 handle to target the 20-Day EMA ($0.5973).
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