The New Zealand dollar is finding support at the downtrend line that goes back to 2011, it is currently trading around the middle of the trading range for today at 0.858. This week the RBNZ is expected to hike rates from 2.75% to 3%, which means NZD may gain some strength as a result and could be why we are not making a lot of progress to the downside. We have entered long with a small size. Longer term we still believe the NZD will fall vs the USD but for now a long is the best trade.
NZD/USD Update April 22nd
Trend line continues to hold but RSI is still on a down trend we could see a break higher when the rate hike occurs this Wednesday.