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Oct 08 - 09:55 AM

AUD/NZD: Positive On Macro & Technical Fronts; Staying Bullish - Citi

By eFXdata  —  Oct 08 - 08:30 AM

Citi likes AUD/NZD higher towards 1.10 in the near-term.

"CitiFX Strategy retains a bullish AUDNZD bias on diverging monetary policy, with a dovish RBNZ contrasting a more conservative RBA. Industrial recovery in China also supports C/A divergence between the two countries, with Australia’s trading partners also facing a smaller virus shock," Citi notes. 

"The technical break above 1.0850 to 1.0870 currently in AUDNZD has taken the currency pair through the bull flag pattern and above the 21 and 55 day moving averages, potentially towards 1.10," Citi adds. 

Source:
Citi Research/Market Commentary

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