AUD/USD to revisit the 0.80 level around mid-2021 – NAB

Although the coronavirus (COVID-19) woes recently weighed on the AUD/USD prices, the National Australia Bank (NAB) holds its bullish bias for the aussie pair during the latest forecast.

The NAB marks risk sentiment and commodity prices as the key drivers supporting the AUD/USD upside while also saying, “A key influence here, alongside China commodity demand remaining robust, is that optimism toward fuller global economic re-opening come H2 2021 proves justified.”

It’s worth mentioning that the Australian Bank is bearish on the US dollar as it said, “Looked at through the USD lens, this month's pull-back in the USD and the likelihood of more to come is also supportive of our prevailing forecast for AUD/USD revisiting the 0.80 level around mid-year and moving into a modestly higher (0.80-0.85) trading range come H2 2021.”

Also read: AUD/USD struggles to keep 0.7700 on US dollar bounce ahead of Aussie Retail Sales