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Oct 27 - 09:55 AM

AUD/NZD: Most Oversold Since July; Scope For A Bounce Here - Citi

By eFXdata  —  Oct 27 - 09:19 AM

Citi discusses AUD/NZD technical outlook and sees a scope for a near-term bounce. 

"AUDNZD remains on CitiFX Technicals radar: the cross is so far holding good support between 1.0629 (200-day MA) and 1.0644 (38.2% pullback of .9996-1.1044 rally)," Citi notes. 

"In addition, daily momentum is at its most oversold since July when AUDNZD bounced sharply. A hold of these supports would suggest the potential for another bounce, with first initial resistance at 1.0718," Citi adds. 

Source:
Citi Research/Market Commentary

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