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Day three: potential NZD/JPY trade

For the second day in a row we have seen NZD/JPY print a doji candle, highlighting indecision on the daily chart.

This is following on from my continued trade idea yesterday. The weakness seen overnight in the NZD was premised on another weak dairy auction, with the Global Dairy Trade index falling a further 4.2%. Milk powder prices fell 8.5% and this seems to be subtracting from sentiment.

At 11:00 AEST we get ANZ commodity price index and again this could push the pair modestly lower if it disappoints.

NZD/JPY
IG Charts

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