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

0

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. 

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.