Reserve Bank of New Zealand interest rates decision play is a very risky high impact event not suited for everyone. The spread goes wild and extremely volatile. The best pairs for high profits are GBPNZD and EURNZD. The 1st is even more volatile but taking EURNZD is a bit softer on your nerves.
The most comfortable time frame for me is the 1 hour chart, gives perspective on a larger structure and levels to watch.
The pair finished a bullish impulse sequence with the wave 5 top and correction is expected. The level for correction is usually the previous wave 4 low and should be regarded as target. This is a snapshot of order filled after price came down to the open, below the EMA89 (bearish territory) and continued lower toward wave 4 low. Position has been closed after price made lower low of wave 4 and started pulling back.
Very short-term scalp netting good profits. I tend not to sit long in this type of trade, more like hit and run type of tactic. Very often, after such a steep move a retrace can close the gap immediately and wipeout all profits, even make a loss.