AUD/USD: Fundamentals of high commodity prices will eventually push it higher – CBA
|In its latest forecast for the AUD/USD prices, the Commonwealth Bank of Australia (CBA) cites near-term downside risk for the quote considering the bond rout.
The bank mentioned that there is a near-term risk that AUD moves nearer to their end-March projection of 0.7600.
However, the Aussie bank is bullish for the AUD/USD over the medium-term and cites fundamentals concerning the commodities for the same.
It’s worth mentioning that the CBA eyes the peak of AUD/USD at the 0.8300 level, expected to high during Q3 2021.
This suggests the AUD/USD is likely to remain pressured but the bulls shouldn’t be disappointed.
Read: AUD/USD: Pressured towards 0.7600 as US dollar weigh on commodities, antipodeans
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