If we see a rebound in trade talks here it will help AUD more than NZD. RBNZ is still playing catch-up on the dovish RBA so we have room to the upside here (see attached: "AUDNZD 5th wave complete") for signs of the bottom in a large macro 5 wave sequence.
It is advanced positioning using this as a strategic hedge with the NZDJPY longs as we can isolate JPY from the trade war flows.
Best of luck all those with hopes of global green shoots!
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