NZD short-trimming to trigger momentum in GBPNZD ... ridethepig
Updated
Here we are tracking a double top formation after our previous leg in GBPNZD:
The destruction of the Pound is underway, that is not in question...rather we are using a strategic leg in NZD to provide momentum in the cross.
Highlights overnight going to RBNZ as widely expected taking a leaf from the RBA and toning down dovish rhetoric. As mentioned yesterday I prefer leaning long NZD and AUD on the crosses with both RBA and RBNZ still pricing too much for October and November. I think the market needs to trim a lot of NZD shorts in particular.
On the Pound side we have widely tracked this decline across the board, well done to those holding from earlier in the year (see GBPUSD and GBPJPY below).
GBPJPY
GBPUSD
Best of luck to all those still looking for more.
The destruction of the Pound is underway, that is not in question...rather we are using a strategic leg in NZD to provide momentum in the cross.
Highlights overnight going to RBNZ as widely expected taking a leaf from the RBA and toning down dovish rhetoric. As mentioned yesterday I prefer leaning long NZD and AUD on the crosses with both RBA and RBNZ still pricing too much for October and November. I think the market needs to trim a lot of NZD shorts in particular.
On the Pound side we have widely tracked this decline across the board, well done to those holding from earlier in the year (see GBPUSD and GBPJPY below).
GBPJPY
GBPUSD
Best of luck to all those still looking for more.
Note
Eyes on the break right now
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