AUD/USD set to target the 0.7620 mark – Credit Suisse

The Reserve Bank of Australia (RBA) appears to have finally signalled a shift away from its very dovish policy stance. But for now, analysts at Credit Suisse do not change their 0.7620 AUD/USD target, as they see higher risk of data disappointment and a less supportive positioning picture ahead. 

Buying dips below 0.75

“Our preference is to maintain our AUD/USD target unchanged at 0.7620 for now and to instead look to buy dips below 0.75.”

“A break above 0.7620 in Q2 remains well within the realm of possible outcomes, but we suspect that a stronger case from local data is needed for that to realize. And given the backdrop of already fairly sanguine policy expectations, the risk of data disappointment is likely to be more significant in the coming weeks.”