NZD: Big Week for The Kiwi as We Hit Resistance

For those not all that across what is going on in New Zealand, it’s election week and the Kiwi has been pretty active this week.

For a quick guide to help out forex traders, whenever we see any kind of poll or data suggesting the opposition party will win, the NZD sells off. If it looks like the Government will retain power, then we rally. That makes me think that forex traders don’t like change.

In the short term we’ve run into a resistance level that appears to be holding nicely. I will be looking to sell and spikes into 0.7330. I’m assuming most of these spikes will not be that fundamental in nature and will be mean reverting.

NZD/USD – 240 min Chart

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