AUD/USD: NAB is aiming for 0.70 by end of year

AUD has been evolving within the 0.7017/0.7250 range. To the surprise of many, the AUD/USD did not break 0.70 again although the markets expect the FED to act in December; Australian commodity prices have declined while volatility has increased.

The market is already very bearish on the AUD but it now appears that everything is mostly built into the price. However, we are nevertheless aiming for 0.70. This has been our goal since mid-August and we will not change our minds.