AUD/USD: Fundamentals of high commodity prices will eventually push it higher – CBA

In its latest forecast for the AUD/USD prices, the Commonwealth Bank of Australia (CBA) cites near-term downside risk for the quote considering the bond rout.

The bank mentioned that there is a near-term risk that AUD moves nearer to their end-March projection of 0.7600.

However, the Aussie bank is bullish for the AUD/USD over the medium-term and cites fundamentals concerning the commodities for the same.

It’s worth mentioning that the CBA eyes the peak of AUD/USD at the 0.8300 level, expected to high during Q3 2021.

This suggests the AUD/USD is likely to remain pressured but the bulls shouldn’t be disappointed.

Read: AUD/USD: Pressured towards 0.7600 as US dollar weigh on commodities, antipodeans