Short AUDNZD From 1.0695 (Day Trade)

5/28/2020 01:09:00 PM (GMT+6)

Entry / Exit Guide: 

Entry: 1.0695
Stop Loss: 1.0720
Target: 1.0630


Rising tensions between the US and China over Hong Kong is weighing on the market's risk outlook. Additionally, tensions between Australia and China are also escalating as China imposed import bans and increased restrictions on Australian imports. 

Although both AUD and NZD are high-beta currencies, AUD is much more susceptible to developments surrounding China given Australia's dependence on China for trade and its own ongoing spat with the country. As such, the current risk environment is more likely to weigh on AUD in times of risk-off and support NZD in times of risk-on, resulting in a bearish bias for AUDNZD.

I expect on session ahead this trade can play out.
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