Citibank Trade of the Week: Long AUD/USD

  • Buy AUDUSD 0.7117, target 0.73, stop loss 0.7025
  • Market expectations for Fed tightening have been cut back in recent days, asset market volatility stemming from developments in China has subsided somewhat and speculation on possible dovish signals from the BoJ has begun to build. Together, these developments are likely to support market sentiment. Ahead of the FOMC decision late this week, this means there should be a window of opportunity for stronger performance from risk assets and downward drift in USD. We may look to take this trade off before the Fed decision itself to protect against volatility around the release.

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