AUD/NZD: Citibank says a short term rebound is likely, targets 1.14

US bank Citi Group recommends buying AUD/NZD this week:

"Investors should consider buying the AUD/NZD in the short term in anticipation of a movement heading towards 1.12-1.14 with a stop loss around 1.0571.

Our team of strategists will be focused on this pair this week and every analyst agrees that a rebound is expected. But not everyone is certain that the rebound will be durable.

AUD/NZD posted increasingly higher lows since the 2015 downtrend started and in our opinion there is room for a return to the 1.12-1.14 range. A move above this level would confirm that multiple-year bottom is in place and that we may go back up towards 1.30," says Citi.