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Citi discusses AUD outlook and warns of further downside if real money start to cut their long exposure.
“AUD has settled around 0.6600 after Tuesday’s sell-off. Our trader sends a warning about real money longs. The China reopening long AUDUSD positions have dominated our flow this year and remain one of the largest USD shorts amid the RM community,” Citi notes.- “Hedge funds yesterday increased their short exposure but RM have yet to dramatically cut their longs and the greatest risk from here is a break of the next support area between 0.6490 / 0.6550, and a dramatic unwind. However we may have to wait until the end of next week for this to materialize,” Citi adds.
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