Kiwi/ Dollar - Awaiting RBNZ decision this week.
Kiwi/Dollar continued the sell off in early Asian session and made a low of 0.7088 before moving higher to 0.7136 and now settled at 0.7123.The support at 0.7088 coincided with the 50ema in daily time frame which so far has held.Earlier today BNZ came out with their comments that RBNZ will cut 3 more times this year.The expectation for this week's decision is to cut by 25bps. RBNZ also likes to talk down the currency.We shall look at the event with a negative bias.The first resistance comes in at 0.7148/55 area which can be a good sell or 10 pips above this level can be a good SL for intraday sellers.I am running a sell at 0.7120 and looking to add some more above 0.7150 with tight stop at 0.7225 which is above the pre NFP high of Friday.The RBNZ event is scheduled on Wednesday evening/Thursday Morning depending on your time zone.I shall cover the event and give my opinion as soon as possible after the event. For now we look at NZD/USD with a negative bias and sell on rise outlook.
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Disclaimer :- Trading is not for the weak hearted , Trading these instruments involves high level of risk and losses can exceed capital (depending on your FX Broker).My advises should be used as a medium to learn and not as a medium to get RICH.I dont have any formula for anyone to get RICH. I shall share no responsibility for anyone's profit or losses.Once again Trading is not for everyone.