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AUD / USD vulnerable to risk aversion – Citibank

Citibank analysts believe that short-term Australian dollars are vulnerable to risk aversion. The three-month target of AUD / USD remains at 0.62, and within six to twelve months the AUD / USD will rebound to 0.67.

Key points:

“The change in the number of non-agricultural employment in the United States recorded -20.5 million in April, and the unemployment rate rose to 14.7%, but the employment data was better than expected, supporting the US dollar and suppressing the Australian dollar. Australia ’s trade account recorded a surplus in March, reaching a record 10.6 billion The Australian dollar is better than expected and supports the Australian dollar. "

"Short-term AUD / USD will be vulnerable to risk aversion, especially if economic growth expectations are still likely to be lowered. However, Australia is likely to benefit from maintaining close trade relations with China. China has recently taken a more active The easing measures will eventually affect the Australian economy. "

"Australia / USD is close to the overbought area, short-term upside is blocked, the main resistance is between 0.6672-0.6685. The support is in the range of 0.6214-0.6254."