AUD/USD to extend its decline towards 0.6041 – Credit Suisse

AUD/USD remains in a choppy but sustained downtrend since early 2021. The pair is expected to edge towards 0.6041, in the view of analysts at Credit Suisse. 

Under pressure whilst below 0.7019

“With the broader risk-off environment looking set to remain in place for the upcoming months, our view is to look for a further setback towards the next key support zone at 0.6041 – the 78.6% retracement and the low from April 2020. However, a strong breach below here would make a case for a fall all the way to the 2020 low at 0.5506 in due course.”

“We look for the trendline from early June at 0.7019 to ideally stay intact to maintain the pressure lower.”