AUD/NZD: Time to try building a long position

The NZD is getting hit in early Asian trade after the RBNZ made no change to policy, as expected. I’ve been waiting for an opportunity to get long AUD/NZD for a longer term trade and I think this might be it.

There is decent technical resistance, and talk of sell orders, between 1.0700/25 and that should cap any intraday rallies. Nevertheless, I’m starting to build a long position between 1.0570/1.0700, in the hope that a base may have formed and that the ludicrously over-bought NZD will finally start cooling.