AUD/USD set to edge lower towards the 0.70 level – Credit Suisse
|AUD/USD tested below 2021 YTD lows at 0.7063 on Tuesday, before rebounding back above 0.71. Economists at Credit Suisse turn bearish on the aussie and now target 0.7000 in AUD/USD.
The path of least resistance in AUD/USD remains further to the downside
“With Fed policy expectations in the driver’s seat, a fairly empty data calendar and uncertainty on the covid outlook likely to persist in the near-term, we think the path of least resistance in AUD/USD will likely remain further to the downside.”
“We now see the November 2020 lows just below 0.7000 as the next target for the pair: given the highly uncertain nature of the covid question that markets are currently facing, we would be inclined to view a break below 0.70 as a reason to extend our target even lower as opposed to a reason to go long.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.