We have another instalment of the RBNZ tomorrow (local time) and it’s looking like being a largely uneventful one with most expecting the OCR to be left on hold. That said in the leadup we don’t usually get oversized moves.

However given the weakness in the NZD/USD yesterday, there is still a chance we get a move overnight. With that in mind, I think the best course of action is to go with the momentum.

I’ll be looking to sell any pullbacks throughout the day and into the US session. 0.7227 looks like a short-term level that has the potential to provide resistance.

NZD/USD – 240 min Chart