INSTITUTIONAL TRADE: Short AUDNZD - Nordea

5/04/2020 08:27:00 PM
Nordea has gone short AUDNZD

Details:

Entry: 1.0640
Target: 1.0200
Stop Loss: 1.0820

Reason: 

We prefer NZD to AUD as AUD has thrived due to a relative positive mood around China vs. RoW growth. Technically, a short position in AUD/NZD looks compelling as the bearish channel since late-2017 remains intact. We opt to go short AUD/NZD with a target of 1.02 (and a S/L at 1.0820) on the cocktail of higher USD/CNY, weak domestic Australian fundamentals and wobbly risk appetite ahead.
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