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Jun 23 - 12:55 PM

AUD: Where To Sell AUD/USD - Credit Suisse

By eFXdata  —  Jun 23 - 12:00 PM

Credit Suisse looks to sell AUD/USD on rallies into 0.72.

"Looking ahead, with little on the data calendar between now and the 5 July RBA rate decision, we anticipate limited scope for domestic macro-driven AUD gyrations in the very near-term," CS notes. 

"We remain nevertheless alert to the deteriorating backdrop for terms of trade, primarily driven by falling iron ore prices, and to the signs of weakness that are also emerging in the housing market. In this context, we think markets will still be inclined to see Governor Lowe’s ongoing willingness to push back against market expectations of aggressive rate hikes as a lasting source of vulnerability for AUD. This leaves us still looking to fade AUD strength, with the appropriate risk-reward for shorts in our view best achieved with AUDUSD closer to 0.72 (the top end of our target range is 0.7285)," CS adds. 

Source:
Credit Suisse Research/Market Commentary

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