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

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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.

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