AUD/NZD – Scope For Correction To Reach 1.0530; Time To Step Away – Citi


What is the bias for AUD/NZD in the near-term?

Here is their view, courtesy of eFXdata:

Citi flags a scope for AUD/NZD to correct lower towards 1.0530, and prefers to stay sidelined on the cross in the near-term.

“AUDNZD rallied just shy of good resistance at 1.0866 in NY but retraced lower in Asia to 1.0720,” Citi notes.

“There are further reasons to suggest that a deeper correction to this rally is coming, potentially to the 200d MA at 1.0530-33,” Citi adds. 

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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.