AUD/NZD: A tactical buying opportunity – ANZ

Sandeep Kanihama FXStreet Contributor

ANZ analysts suggest that the recent sharp decline in AUD/NZD is providing a tactical trading opportunity as tension in the Middle East eases, relative economics will return to focus, and on this front the cross has overshot.

Key Quotes

“We recommend a tactical long AUD/NZD position at 1.0385, with a target of 1.0620. We would reassess the trade on a break below the March 2019 closing low of 1.0290.”

“The AUD/NZD has fallen precipitously in the last couple of weeks, re-testing the lows of 2019. While to some degree a touch of weakness is justified, given the relative stabilisation in the New Zealand economy alongside sustained weakness in Australia, we think this has now gone too far.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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