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The NZD/USD has been one of the weakest performers over the last few trading sessions. Since their new Government finally came together, markets have given the New Zealand currency a massive whack.

When we see this type of momentum, I’m looking to go with it. I don’t want to try and be picking the bottom that’s for sure.

As such, I keep an eye on key levels that I think might be good for shorting and then watch the price action. Today the one of interest is clearly going to be 0.7000. That might be enough to put a roof on the Kiwi. If not then 0.7035. As it stands we have an open sell signal out on the Kiwi, which suggests this one is ripe for another move lower.

 

NZD/USD – 240min Chart.