The Kiwi was one of the better performers on Monday. While other pairs were languishing, the NZD/USD rallied right back up to recent highs.
The move was a fundamental one and it was mostly thanks to a new RBNZ Governor being appointed to the role. The new NZ Government is being proactive and one of their mandates is to try and increase jobs and inflation. Hopefully, the new boss can help.
From a technical level, the Kiwi is now right back in its range and looking like it has a bit of a base in place. 0.6950 resistance is just above where we are, and it looks like it might be the most obvious place to try and short. I’m particularly interested in the 0.6965 mark as that might be a little better as there has been selling pressure there in the past.
I will be focused on the price action around those points before taking a short position though.
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