AUD: Remains Biased To Add AUD Longs On Dips; 3 Reasons – Citi

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What is the forecast for AUD in the near-term?

Here is their view, courtesy of eFXdata:

Citi discusses AUD outlook and adopts a buy-on-dips bias in the near-term.

AUD is likely to remain supported by: 1– Localized reflation illustrated by strong retail sales/consumer confidence/business confidence data recently; 2– Commodity tailwinds as outlined by our commodity strategists; 3– Broader USD weakness, which should also catalyse this view,” Citi notes.

CitiFX Strategy remains biased to add AUD longs on dips,” 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.