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Your Currency Trade Down Under
CNBC.com | March 06, 2012 | 11:03 AM EST

It's fixing to be a busy week in the euro zone, and this strategist wants to steer clear.

If you're looking for headlines to watch, Europe is the place to be this week, what with the European Central Bank meeting and the headcount for the Greek debt swap deal.

But if you'd like to stay away and focus on a relative value trade, Amelia Bourdeau , director of foreign exchange at Westpac Institutional Bank, has a plan.

Bourdeau argues that the Australian dollar has been on a roll, and she told CNBC's Melissa Lee that she thinks it's time to sell it against the New Zealand dollar.

"That cross has had a big move higher," she says.

"It offers an attractive level to enter the short position."

China' s lowering of its GDP forecast already pushed down the Aussie, Bourdeau says, but there could be more of a reaction, and that would give the trade more of a boost. She does not expect much out of central bank meetings in either Australia or New Zealand, but she is watching an employment report due midweek in Australia.

Bourdeau wants to enter the trade at 1.2990 and look for a move to 1.2750, setting a stop at 1.3030.

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