After the record breaking current account surplus in New Zealand and the dovish RBA minutes, we believe that AUD/NZD is headed for further losses. Yesterday the RBA minutes revealed more uncertainty in the outlook for the Australian economy, which contrasts sharply with the RBNZ’s confidence in the momentum of New Zealand’s economy. At the same time, dairy prices finished higher at the global dairy trade auction for the first time in 4 months. While it is too early declare this a bottom, the stabilization in prices is great news for the New Zealand dollar. Q1 GDP numbers are scheduled for release this evening from New Zealand and if the data is good, it should extend the slide in AUD/NZD.

1. Sell AUD/NZD at 1.0730

Stop at 1.0790

Close 1/2 at 1.0700, move stop to breakeven

Close rest at 1.0530

We still have the following pending orders on:

1. Buy GBP/USD at 1.7060

Stop at 1.7000

Close 1/2 at 1.7090, move stop to breakeven

Close rest at 1.7350

2. Buy GBP/JPY at 174.12

Stop at 173.52

Close 1/2 at 174.42, move stop to breakeven

Close rest at 175.75

3. Sell GBP/USD at 1.6885

Stop at 1.6945

Close 1/2 at 1.6855, move stop to breakeven

Close rest at 1.6750

4. Sell EUR/NZD at 1.5543

Stop at 1.5603

Close 1/2 at 1.5513, move stop to breakeven

Close rest at 1.5225

***Remember, if 2 orders trigger without one hitting T1 first, all other orders are canceled


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