Citi discusses AUD/USD technical outlook and maintains bullish bias, expressing that via staying long the pair targeting an initial move towards 0.7080.
"CitiFX Technicals notes that “The next important level is at 0.6954 where we see the 200 day moving average. That moving average has limited every bounce since March 2018 - there have been 5. What happens there will be key. A break through would leave the way for the double bottom target of just above 0.71”," Citi notes.
"Looking ahead we have the RBA meeting tomorrow (not much expected), trade balance on 7 Nov, then the RBA Statement on Monetary Policy on 8 Nov," Citi adds.
*Recorded in eFXplus Orders