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Short AUDNZD from 1.3680, waiting for EURUSD break

Short AUDNZD from 1.3680, waiting for EURUSD break

2011-03-28 17:30:00
David Rodriguez, Head of Business Development
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Consistent with my call from last week, I'm short the AUDNZD from 1.3680 with a stop above the 1.3785 mark. I'm targeting a move towards 1.3450 with said position, and the initial pullback on the spike higher is promising. I think the New Zealand Dollar offers comparatively attractive value as it continues to hold support against the Aussie Dollar and has stuck to a wide downtrend channel. I like the concept of a EURUSD short, but it has thus far shown pretty significant resilience at support at the 1.4050 mark. We will need to see a break of upward-sloping trendline support before having confidence in calls for declines.

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