AUDNZD potential for a sharp and relatively rapid reversal - BNPP

Sandeep Kanihama FXStreet Contributor

In view of the Steven Saywell, Research Analyst at BNP Paribas, recent price action in foreign exchange markets has produced several divergences from underlying fundamentals, and they think there is potential for a sharp and relatively rapid reversal and one such example is AUDNZD, which now appears extended.

Key Quotes

“We initiate a short recommendation via options, which further benefits from the low level of volatility on the cross and the potential for a relatively timely fall. We target a return to 1.05 over the coming weeks (from 1.0930). We recommend buying a 2 month AUDNZD 1.0732 (25d) put at 0.43% of AUD notional.”

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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