Home AUD/USD forming a clear double bottom within a triangle –  CitiBank
FXStreet News

AUD/USD forming a clear double bottom within a triangle –  CitiBank

Analysts at Citibank forecast the AUD/USD at 0.73 on a 0-3 month period and at 0.74 over a 6-12 month horizon. They point out fundamental supports for the USD have been eroded since the onset of the COVID-crisis and are unlikely to reverse over the medium term. 

Key Quotes:

“China’s continued strong economic recovery is a positive sign for closely linked Australia. Besides, the RBA remain in wait and see mode and negative rates pretty much ruled out. We don’t see a large negative for the currency here.”

“AUDUSD looks to be forming a clear double bottom within a triangle (top of the triangle has already broken) with a neckline at 0.7243 and a target close to 0.7500.”

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.