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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.”