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NZD/USD Big Trade +90
BK -- Close NZD/USD Short at 0.6920 for +90. Will reload orders
NZDUSD Sell Order at 0.7010 TRIGGERED
Place Order to Sell 1 lot NZD/USD at 0.7010
Place Order to Sell 1 More Lot at 0.7220
Stop at 0.7360
The U.S. dollar sold off on the back of the FOMC rate decision but Janet Yellen said nothing to undermine our confidence in the dollar. In fact she went to great lengths to downplay the imminent rate hike by saying that the market shouldn’t make too much of the first move, policy would remain accommodative after rates are increased, tightening will be gradual and that the entire policy path should matter not the timing of liftoff. Yet the bottom line is that rates are rising which will drive the dollar higher. Monetary policy divergence is the widest between the U.S. and New Zealand. The RBNZ recently cut rates and is telling us that more easing could follow. We are looking for NZD/USD to hit 68 cents and see the latest rally as an opportunity to SELL at a higher level.