CBA year end target for AUD/USD

Commonwealth Bank of Australia on the AUD overnight, and further out:

  • AUD/USD eased to a low near 0.7925 overnight on a firmer USD and concerns tension between North Korea and the U.S. may escalate
  • By year-end, we still expect AUD/USD to trade closer to 0.8000. Australia’s higher terms of trade, the structural improvement in Australia’s current account deficit, and positive real interest rates spread between Australia and the U.S. favour a higher AUD/USD.
  • Technically, the next important support for AUD/USD is offered at 0.7890.

—ps. This looks a little confusing … 

  • the next important support for AUD/USD is offered at 0.7890

So I guess it should be read as

  • the next important support for AUD/USD is 0.7890

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