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Forex Flash: Looking for better levels to short AUD/NZD - Westpac

By FXstreet.com,  July 01, 2012, 06:52:00 PM EDT

FXstreet.com (Barcelona) - After shorting AUD/NZD at 1.2905 on 31 May, the Westpac FX team ha been stopped out after the pair just tested 1.2805. The bank still sees the pair lower multi-week/month, "although not as low as its 1.22 long term average". They are waiting for considerably better levels before re-establishing fresh short positions.

From a fundamental standpoint: "AUD sentiment should remain firm near term as the RBA pauses in its easing cycle and European risk appetite improves in the wake of the EU summit and earlier in June, the Greek election. NZD also benefits from the improved risk mood globally, leaving AUD/NZD broadly neutral" says Sean Callow, FX strategist at Westpac.




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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