Cut the long NZD position.
Sold NZD4m at 0.5150, thus taking the long position out and taking the hit and turning it into a NZD2m short position.
I don't like the NZD, just too much bad news and offshore investors taking fright. Export interest has not assisted the NZD, and if it can't rally in January, it can't rally at all.
I have a target now of 0.4500.
Will review if we see a break above 0.5500.