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Forex: Bearish on NZD/JPY, AUD/CAD - TD Securities

By FXstreet.com,  April 26, 2012, 11:11:00 PM EDT

FXstreet.com (Barcelona) - The current TDS Research outlook for the NZD/JPY is to sell at 65.20, placing a target of 60.00 while stops should be at around 66.50. An ongoing trade the firm is on since April 12 is a short position on AUD/CAD at 1.0390, targeting 1.0000 with a stop of 1.0390.

The TDS Team view on NZD/JPY takes into account the risk of a seasonal spike in risk aversion, while valuation and technical signals all suggest that further weakness in this cross is a "go with" trade from a tactical perspective: "We want to sell into a move through the recent range lows" they observed.

Meanwhile, the reasoning behind the AUD/CAD trade is contrasting monetary policy prospects, which continue to drive this cross lower: "We think there is more to come still (and may adjust our target ownwards). We reduced the stop on this position to cost last week" TDS notes.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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