Good Morning,

I did not follow up on the NZD after the RBNZ last night as I was getting several mixed messages and the initial move higher in the NZD/USD was not as strong as I thought it should have been initially after the statement from Governor Wheeler. The crosses EUR/NZD, GBP/NZD were typical but I could not get a clear picture on the NZD/USD.  I did not close my NZD/USD short prior to the news event, so my short is still running now -7 pips as I write this.

Trading the NZD looks pretty straightforward. If we get a confirmed break below 0.8500 (at least 30-45 minutes), I will add into several NZD pairs.
<ul>
	<li>I will add to my NZD/USD short.</li>
	<li>I will not add to my FUNDAMENTAL trade GBP/NZD long which is over a month old.</li>
	<li>I will look at opening either a EUR/NZD long, or short NZD/CAD or the NZD/CHF on pullbacks as soon as the NZD/USD breakdown through 0.8550 is confirmed. I will tweet about these trades as I do not want to set limit order entries in place.</li>
</ul>
Gold is breaking lower, which is something we should bear in mind with trading today. At the time of writing it was sitting at $1273.00

Finally, TALK IS CHEAP...Draghi high on volume low on action, with his latest speech delivered earlier this morning. This seems to have brought the EUR/USD to stop and is not moving much at all held around 1.3820-40. I am still short and bored with the trade. I did think that we were going to see a run at 1.3950 / 1.4000 before heading lower but that seems remote now. But never rule anything out!!

My focus today will be the NZD/USD, it is finding buyers just above 0.8550 at the moment...but the day is young.

Trade safe,

Scott