After the US FOMC rate hike on 6/14, NZDUSD has been forming a very bearish inverse hammer on the weekly chart. Stochastics also show it is in overbought territory, with the fast crossing below the short, a very bearish sign as well as a price rejection near the top of the channel. This is one of those setups I like to call, 'set it and forget it'. Price at the time of writing this idea (0917 CST 6/15/2017) is also below the .236 Fib line. There are significant fundamentals to support the technicals with this move to the downside. Probabilities are in favor of a short.
Daily
The formation of this extremely bearish bar on the daily indicates strong selling pressure not only from the technical stand-point, but from the fundamentals of the US rate increase and NZ hawkish outlook.
Trade active
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Daily close today still shows downward trend on the daily. We had significant selling and rejection of prices above .72500. Currently we are below the 1 hour 100 MA and price is currently trading just below the 1 hr 200 MA.