AUD/NZD breaks below 1.2000

Some of the big crosses are also on the move with AUD/NZD breaking below 1.2000, AUD/JPY taking out 101.00 again and EUR/AUD re-testing 1.2850.

The only reason to buy AUD at the moment is to take profit on existing shorts and I see no reason to consider going long the AUD against any of the other majors. I’m sticking with my long EUR/AUD trade and hope that we will see 1.30+ in coming sessions.