The RBNZ came out today and left rates on hold. The interesting takeaway was their hawkishness surrounding areas such as inflation and the economy.

For me, I still feel the Kiwi is in a downtrend versus the USD. When we have a higher timeframe, I like to then identify short-term opportunities in the direction of that trend. As a result, I think the little spike we have today, could be a nice chance to sell.

A short in the 0.6960, might be a reasonable plan, with stops above the most recent highs around 0.6980. I feel there’s a good chance we fall back to 0.6900. That will certainly be the case if the USD rallies.

NZD/USD – 240 min Chart.