The NZD on the hourly - Update

RBNZ's criteria for using intervention is to use it when most effective and to take advantage of thin markets. They did so in a thin market (Australia was closed for example). However, raising interest rates and selling their currency is just going to counter each other, another reason for the intervention to be short-lived. At the end, the SHS pattern didn't come into play and the NZD/USD indeed rebounded (actually very close to the 200 SMA). At least for the short-term it returns to its uptrend. It will be interesting to see if the BOJ decision stirs anything up but with bond yields up across the board, changes in carry trade strategies probably won't be a factor.