AUD: Correction Likely Run Its Course; Long Attractive Vs USD & EUR – Citi


What is the outlook for AUD/USD and EUR/AUD over the coming weeks?

Here is their view, courtesy of eFXdata:

Citi likes long AUD against the USD and EUR over the coming weeks.

CitiFX Strategy argued that the AUD correction post-RBA (in line with our expectations) has likely run its course; AUDUSD has reached technical support levels, and could turn higher from here,” Citi notes.

“Still, the USD squeeze could extend so we prefer AUD longs against both USD and EUR. Strong milk prices and unemployment data continue to support NZD, which we expect will continue to outperform in G10,” Citi adds.

For lots more FX trades from major banks, sign up to eFXplus

By signing up for eFXplus via the link above, you are directly supporting Forex Crunch.

Get the 5 most predictable currency pairs

About Author

Kenny Fisher - Senior Writer A native of Toronto, Canada, Kenneth worked for seven years in the marketing and trading departments at Bendix, a foreign exchange company in Toronto. Kenneth is also a lawyer, and has extensive experience as an editor and writer.

Comments are closed.