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- Short NZD/JPY the best way to play uncertainties around the coronavirus scare - TD
Short NZD/JPY the best way to play uncertainties around the coronavirus scare - TD
eFXdata reports that TD Research discusses maintains a bearish NZD bias in the near-term, expressing that via holding short NZD/JPY position as its ToTW targeting a move towards 0.70.
"The most significant mover (lower) should be AUD. Behind it, we expect weakness in CAD and CHF, though the latter falls a touch short of the trade trigger. Still, its short signal is quite strong relative to recent averages, which leaves us comfortable with our CHFJPY view," TD notes.
"The model likes JPY. That said, the overall signal for the USD is a touch positive but should probably not get confused with the impact of the Fed. It does jibe with our short NZDJPY view, which we think is the best way to play the uncertainties around the coronavirus scare," TD adds.
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