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Forex Flash: AUD/NZD sell on rallies – Rabobank

FXstreet.com (Barcelona) - After dipping to levels last seen in October 2009 in the proximities of 1.1960, the cross has managed to gather some traction and regain the key mark at 1.2000 on Tuesday. The unexpected decision by the RBA to cut by 25 bp the refi rate caught traders off guard, dragging the AUD to lower levels against its peers.

According to Jane Foley, Strategist at Rabobank, the RBNZ could not ease its monetary policy further due to the strong housing market echoing in rising household debt. In its last meeting the central bank also stated that interest rates would remain in these levels throughout the rest of the year.

“Recently AUD/NZD has pushed below the July 2010 low in the 1.21 area indicative of solid downside momentum. While our AUD/NZD 1.20 target has been tested, we continue to favour selling rallies near-term”, recommended Foley.

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