I’m a glutton for punishment but I cannot resist the attempt to try and pick the bottom in AUD/NZD yet again.
- The iron ore price has been falling heavily yet the AUD is holding up well, usually a bullish sign.
- There are recent lows at 1.0640 which might attract profit takers;
- Tomorrow’s RBNZ meeting has a 25bps rise already locked and it may be a case of buying the rumour selling the fact again.
I’m long at 1.0650 with a stop-loss below 1.0590 and an open topside.