The NZDUSD has been bearish as most would know. The pair has been on a steady decline after testing the top of the daily channel ahead of the April 29 RBNZ Meeting. The pair has now developed a 4H Channel as well. Today we see the pair breaking the Daily channel and closing a 4H candle below it



Figure 1 - NZDUSD Daily




Figure 2 - NZDUSD 4H


I developed a short in the pair ahead of the April 29 meeting, and still holding it. Next week, we will have another RBNZ meeting. There may be an expectation of a further rate cut, I do not anticipate one, and will be looking to close the position ahead of the risk event..
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