Kiwi Posts Gains Amid Hawkish RBNZ. Forecast as of 20.07.2026

The sharp rally in the NZD/USD pair has done little to shake bearish conviction. Speculators have yet to unwind their net short positions in the kiwi, choosing instead to accept the pain rather than incur losses. That resilience could prove costly for hedge funds. Let's analyze the situation and develop a trading plan.Major Takeaways The RBNZ has begun a monetary tightening cycle. Hedge funds are still selling the kiwi. The divergence is benefiting the New Zealand dollar. The AUD/NZD pair can be