I had shorted this pair previously, and managed to close it out for some profit, the the way it has moved has led me to rethink my wave count. It still looks bearish, but there are some issues surrounding this pair.
The AUD has had a good fall, dragged down via the NZD. The danger to the AUD obviously lays to the downside, but there isn't much on the horizon in terms of AUD specific news. RBA meeting in April will be crucial and any figures at the start of the month will be closely watched, so if your planning to be long AUD at all, keep a close eye on the calendar. Europe is pretty light on for data as well, but does have some releases coming up.
In short, if you think AUD has gone too far, then this might be a way to play the dip, but I wouldn't be holding it long term.
Personally, I am not going to take this trade as I am short AUDCAD and want to hold onto that one.
The AUD has had a good fall, dragged down via the NZD. The danger to the AUD obviously lays to the downside, but there isn't much on the horizon in terms of AUD specific news. RBA meeting in April will be crucial and any figures at the start of the month will be closely watched, so if your planning to be long AUD at all, keep a close eye on the calendar. Europe is pretty light on for data as well, but does have some releases coming up.
In short, if you think AUD has gone too far, then this might be a way to play the dip, but I wouldn't be holding it long term.
Personally, I am not going to take this trade as I am short AUDCAD and want to hold onto that one.