Sforex
Long

AUDNZD‬:The case for bullish move to 1.1600

FX:AUDNZD   Australian Dollar/New Zealand Dollar
52 0 3
I open a LONG position of AUDNZD             at 1.1212, stop loss 1.100, take profit 1.1600 : This is long term trade.
Here is the point: For last 4 year, the bias to trade AUDNZD             is just SELL because there was a strong divergence between RBA and RBNZ: While RBA just wanted to cut rate,RBNZ wanted to hike rate. However, the situation now changes to opposite view.: RBA wants to hold rate while RBNZ wants to cut rate.
That is the key point. Market shifted appetite. and BUY AUDNZD             is a good choice.
Look at on the chart, AUDNZD             hold below the handle 1.1600 since Sep,2013.
And it now stands firmly above key support 1.1060
I think it's enough momentum for AUDNZD             rallies to 1.1600 handle.
I recommend traders buy in dip AUDNZD             to three year high 1.1600


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