AUD/USD: Targeting 0.7414 Ahead Of 0.7516;AUD/NZD: Staying Bullish Into Next Year – Citi


What is the tehnical forecast for AUD/USD and AUD/ZND?

Here is their view, courtesy of eFXdata:

Citi maintains a bullish bias on AUD/USD and AUD/NZD into year-end.

“CitiFX Technicals suggests the break above 0.7340 could possibly see a move to 0.7414, and potentially a push to the 76.4% pullback level of 0.7516,” Citi notes.

We regard the RBNZ as having an advantage over the RBA in weakening its own currency. After meeting resistance at its 100d MA (about 1.08), AUDNZD then fell below the 200d MA (about 1.06), and downside extended to 1.04, or the 61.8% Fibonacci retracement of the rise since March. However, we believe the pair will return to a long-term uptrend into next year, and will exceed this year’s high of around 1.10,” 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.

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