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Citi went long AUDUSD at 0.7599 on Tuesday...>

AUSSIE
AUSSIE: Citi went long AUDUSD at 0.7599 on Tuesday targeting 0.7810 initially
and then 0.8125, with a stop at 0.7475.
- Citi suggest that "AUDUSD confirmed a bullish break yesterday with the close
through converging resistance around 0.7616-32 (which include the 55 day moving
average and channel top). This now opens the way towards the April highs around
0.7810-13 and potentially the 2017-2018 highs at 0.8125-0.8136. Overall we
believe we are in the process of a turn (lower) in the USD and therefore like to
use this dip in AUDUSD as an opportunity to add to our USD short position (as a
reminder we are currently long EURUSD). In addition we think Copper is in line
for a major bullish break similar to June of last year which would suggest it
can head to above $400 before the end of 2018 (AUDUSD rallied with that backdrop
last year)."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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