AUD/USD: Credit Agricole says new governor will likely not raise rates, remains bearish

"The Australian construction sector continues to contract. The end of the mining boom remains a significant drag on the economy. Infrastructure investments have stalled and this is not compensated for by residential construction.

The bar for another rate cut in Australia is quite high. The new RBA governor, Phil Lowe, probably will not seek to lower rates further.

The fate of the AUD is increasingly linked to the FED. The AUD/USD remains near a rising trendline pending Janet Yellen's next speech.

We remain bearish as of 0.7674,"declares the Credit Agricole bank.