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Citigroup on AUDNZD

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Citigroup recommends going short AUDNZD at market with take profit seen at 1,055 and stop loss at 1,1045.

They believe that the divergence in the developments of terms of trade data, where Australia is deteriorating and New Zealand improving is one of the factors driving such stance. They say that as AUDNZD went below 1,09 yesterday, it was a clear sign that path towards 1,055 is opened.

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