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CLOSED - AUDNZD Ranges Australia, New Zealand Look to Interest Rate Cuts
Monday, 15 September 2008 22:14:18 GMT
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In our original posting we proposed the notion of a range bound AUDNZD. Our idea called for a short-order slightly below the range top with a target just above range support. Before being filled, the Aussie Dollar sold-off on warnings from RBA Governor Glenn Stevens that Australian households have become “much more cautions” about their borrowing and spending habits. But then Wednesday saw RBNZ Governor Alan Bollard surprise markets by cutting rates by 50bp as opposed to the expected 25bp.
Friday then saw the pair hit our entry as the trading week came to an end. Traders quickly sold AUDNZD as trading resumed in Asia during Monday’s session to close our position at the target.
Written By Luis Gil, DailyFX.com
E-mail: lgil@fxcm.com
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