We are halfway through the trading week, and ranges across the majors remain tight. In earlier previews, the vacant economic calendar has been addressed at length. When there are limited fundamental stimuli, participation suffers and range-bound markets are often the result.

Here the ranges posted by the majors for the last two and a half sessions:

Pair               Range (pips)

AUD/USD           74

EUR/USD            70

GBP/USD            118

NZD/USD             82

USD/CAD             116

USD/CHF             59

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NZD/USD Outlook

In a few hours, the Reserve Bank of New Zealand (RBNZ) is due to make their interest rate announcements. Experts are predicting the RBNZ will stay the course at a static 1.75%. My colleague Rowan previewed the RBNZ meeting in depth earlier in the session, so be sure to check out his breakdown for additional insight.

NZD/USD, Daily Chart

The NZD/USD is in a heavy consolidation phase. We are seeing traders sit on their hands ahead of the RBNZ. A few observations:

• My bias is still to the bear due to the fact that the 38% retracement of the current wave has held as topside resistance.

• The 2017 double bottom (.6817) has proved to be valid support.

• The 20 Day EMA is at .6960.

Bottom Line: This market is extremely slow, as are many others right now! With any luck, the RBNZ will shake things up a bit and generate some action. For now, I will be looking for 25 pips from the 20 Day EMA and the 38% level.

My entry lines up with Rowan's from earlier. A short from .6960 with a stop above the Bollinger MP at .6991 is a pretty good entry to the bear.

As always, trade smart and keep a close eye on your leverage.