AUD,NZD/FXWW News/Trade Ideas

AUD/NZD: Looks to be headed for 1.10

It looks to me as if the cross is forming an exhaustive base at 1.0750 (yes I’m biased and talking my position) and that we should see a test of levels near 1.1000 in coming days. The market is short of AUD and bearish on AUD/NZD at illogical levels. Despite some strong NZ economic data and a hawkish RBNZ, the NZD has been unable to sustain gains- another sure sign that the cross is oversold.

I ex[pect a base to form now at 1.0800/15 for the next leg higher to 1.1000.

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