AUD/USD broke 0.6760 support. The pair targets 0.6670 now, economists at Westpac report.
“We remain of the view that commodities are clearly signalling that the global growth outlook is deteriorating markedly as central banks raise rates super aggressively, the Fed enacts record QT, and China maintains its zero-Covid policy.”
“Our near-term target of 0.6760/65 has now given way. Our next target level is at 0.6670 and for us to start thinking about buying into this weakness, we would need to see signs China is relaxing its zero-Covid policy and/or that the Fed is set to pause on its aggressive tightening policy. Neither of those look likely at the moment.”