Selling NZD/USD base on RBNZ interest rate decision

We can look for a short position on NZD/USD base on 2 reason

In techinical analysis, we can see that NZD/USD had a correction between the 61.8% and 50% fibonacci correction!


On fundamental analysis, NZD is going to have a rate decision next week. The RBNZD is expected to cut its interest rate by 50bp from 3.00% to 2.50%. In addition, New Zealand credit card spending falls at record-pace in March.
Accordingly, dovish commentary following the rate decision could spark a sell-off in the kiwi-dollar but nevertheless, as risk trends continue to dictate price action in the financial markets, the G7 and the G20 meeting in Washington D.C. may help to boost market sentiment as global policymakers tackle the downturn in the world economy, and increased demands for higher risk/reward investments could the currency pair higher over the following week.

I suggest 2 ways of entering this trade:
Risk taker:
Put a Sell limit pending order on the 61.8% fibonacci correction
EP = 0.5760 SL = 0.5880 TP = 0.5213(fibonacci gain of 100%) or 0.5043(fibonacci gain of 161.8%) TS = 100 - 200pips

Confirm downtrend:
Put a Sell Stop pending order below the 50% fibonacci correction
EP = 0.5700 SL = 0.5880 TP = 0.5213(fibonacci gain of 100%) or 0.5043(fibonacci gain of 161.8%) TS = 150 - 200pips

The first idea take more risk as it could turn into a uptrend, but you would have a addition 60pips gain. Personally i prefer the 2nd idea. Enter late Exit early.
This would be a great chance to trade since we will be riding the 3th eillot wave downtrend.