NZD has strengthened across the board following the latest New Zealand election poll which places the ruling National Party in the lead with 46% of the votes and Labour behind on 37%.
This is to me a much more a local issue and yet since AUD follows NZD closely, GBPAUD tanked too.
Fundamentally, I am Bullish GBP and Neutral to Bearish on AUD, I'd like to fade the sentiment. In addition, given the general weak GBP and my expectation that Retail Sales will be a Beat, GBP may have some support going forward.
I have not entered yet and will be in around half an hour leading to the event. In term of lined up events, both GBP and AUD does not have much.
In term of technical level, I don't think it can go back to 1.72 without more significant news but maybe 1.7 is more achievable. My SL will be below round level at 1.675.
This is to me a much more a local issue and yet since AUD follows NZD closely, GBPAUD tanked too.
Fundamentally, I am Bullish GBP and Neutral to Bearish on AUD, I'd like to fade the sentiment. In addition, given the general weak GBP and my expectation that Retail Sales will be a Beat, GBP may have some support going forward.
I have not entered yet and will be in around half an hour leading to the event. In term of lined up events, both GBP and AUD does not have much.
In term of technical level, I don't think it can go back to 1.72 without more significant news but maybe 1.7 is more achievable. My SL will be below round level at 1.675.