Here's a snippet via Nordea on the Australian and New Zealand dollars
Citing a bearish trend channel for a lower AUD/NZD
- Technically, a short position in AUD/NZD looks compelling
- bearish channel since late-2017 remains intact
- We opt to go short AUD/NZD
- target 1.02
- S/L 1.0820
Nordea support with some fundamentals:
- cocktail of higher USD/CNY, weak domestic Australian fundamentals and wobbly risk appetite ahead
More:
- We prefer NZD to AUD as AUD has thrived due to a relative positive mood around China vs. RoW growth
- AUD has traded like a rocket in recent weeks despite starring directly into a housing market abyss again. Current auction clearance data suggest that Australian house prices will drop (at least) 1.5% a month in the coming period.