Kiwi selling may have bottomed out but the fundamentals do not suggest that it is done yet:
The first image shows Kiwi futures (CME), Sept.2019 expiry: look at how strong selling volume (red bars) is matched by strong selling candles/trend in the currency;
the second image shows the Fonterra co-op group chart (candles) with strong selling AND strong selling volume, overlayed with the green line of NZD/CAD: see how both have moved strongly to the downside together, although this in itself does not tell what will happen next.
The final image (below) shows the relationship between the Kiwi central bank’s interest rate (OCR, blue line) and NZD/USD (candles): the latest round of cuts has been matched by what seemed like a big move from a range-bound currency to a heavily sold one:
Given all this, it looks like Kiwi pairs should continue selling unless conditions such as interest rate and the value of Fonterra tip back to the upside.
Finally, there is no Options Heatmap available on CME for the Kiwi, which is a shame as this would show you the strength of buy(calls) and sell(puts) orders lined up along the various price points for NZD/USD.
Good luck everyone.