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Nov 25 - 02:55 PM

AUD/USD: Targeting 0.7414 Ahead Of 0.7516;AUD/NZD: Staying Bullish Into Next Year - Citi

By eFXdata  —  Nov 25 - 01:45 PM

Citi maintains a bullish bias on AUD/USD and AUD/NZD into year-end.

"CitiFX Technicals suggests the break above 0.7340 could possibly see a move to 0.7414, and potentially a push to the 76.4% pullback level of 0.7516," Citi notes. 

We regard the RBNZ as having an advantage over the RBA in weakening its own currency. After meeting resistance at its 100d MA (about 1.08), AUDNZD then fell below the 200d MA (about 1.06), and downside extended to 1.04, or the 61.8% Fibonacci retracement of the rise since March. However, we believe the pair will return to a long-term uptrend into next year, and will exceed this year’s high of around 1.10," Citi adds. 

Citi Research/Market Commentary


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