Bargain Basement Down Under

Tim Boyle | Getty Images

A shopper walks past a sale sign at 5 7 9 clothing store at Randhurst Shopping Center  in Mount Prospect, Illinois.

Risk-averse investors have been bailing out of the Australian and New Zealand dollars. Time for bargain hunting, this strategist says.

The Australian and New Zealand dollars had great runs earlier this year - and they reversed course just as fast when market sentiment changed. Falling commodity prices haven't exactly helped either. But Greg Anderson, a senior currency strategist at Citigroup, says it's time for a second look.

"Both Australian and New Zealander commodity terms of trade are only moderately off their highs of the summer, while the currencies are both down to their spring levels," he wrote in a note to clients.

Investors also seem to be expecting near term interest rate cuts in Australia and steady rates in New Zealand - but Anderson said that investors are way ahead of themselves. The currencies are being "overly punished from both an interest rate and commodity price perspective," he told clients.

Your move.

MULTI CURRENCIES v The Dollar

Tune In: CNBC's "Money in Motion Currency Trading" airs on Fridays at 5:30pm and repeats on Saturdays at 7pm.

Learn more: The essential vocabulary for currency trading is on Key Currency Terms. Top currency strategies are broken down for you in Currency Class.

Talk back: Tell us what you want to hear about - email us at [e-mail].