trying AUDNZD lower here.
Nice resistance above from about 2 or 3 pullbacks previously at this level which should help slow down this up trend.
overall the move higher has been on a decent AUD economy and very strong hard commodities on the back of supply issues and russia. I think this is overall moving in favour of NZD now as soift commodities is overall outperforming hard commodites as shown on the chart. We also have china/global growth worries and worse AUD trade balance recently which should help a move lower as well.
In terms of rate differentials they also suggest lower.
makes sense from correlation perspective, overall narrative lower as well.
sentiment and positioning is neutral.
not trading/investment advice, feedback welcome!
Nice resistance above from about 2 or 3 pullbacks previously at this level which should help slow down this up trend.
overall the move higher has been on a decent AUD economy and very strong hard commodities on the back of supply issues and russia. I think this is overall moving in favour of NZD now as soift commodities is overall outperforming hard commodites as shown on the chart. We also have china/global growth worries and worse AUD trade balance recently which should help a move lower as well.
In terms of rate differentials they also suggest lower.
makes sense from correlation perspective, overall narrative lower as well.
sentiment and positioning is neutral.
not trading/investment advice, feedback welcome!
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