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New AUD/NZD Order 04.05.2016 +6
4/7 Close AUD/NZD trade at market (now 1.1094)
4/5 Order to Sell AUD/NZD at 1.1100 Triggered
New AUD/NZD Order
Place Order to Sell AUD/NZD at 1.1100
Stop at 1.1300
While the Reserve Bank of Australia left interest rates unchanged last night, AUD fell sharply on the back of risk aversion and the RBA’s note that “Under present circumstances, an appreciating exchange rate could complicate the adjustment under way in the economy.” This comment was interpreted as FX jawboning and went a long way in pressuring the currency. It remains to be seen whether 75 cents will be broken but between the RBA’s caution and the surprise increase in NZ dairy prices, we expect AUD to underperform NZ and today’s intraday reversal in AUD/NZD to result in further losses for the pair.