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Short AUD/USD from 0.9820

Short AUD/USD from 0.9820

2011-09-26 14:07:00
Christopher Vecchio, CFA, Sr. Currency Strategist
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Last week I said: "Following Wednesday's decision by the FOMC, the risk trade is firmly off. This is a trend I fully expect to continue over the short- and medium-term, barring central bank intervention, although some pullbacks (brief rallies in AUD/USD) could occur. Going forward, I am short AUD/USD from the 0.9820 level, and I find that selling in the 0.9820-0.9850 area looks promising on rebounds. With a floor in place just below 0.9740, drops below this look to extend losses towards multi-month lows."

My bias remains the same, despite the AUD/USD rebounding off of session lows ahead of the U.S. session open, but this should provide another opportunity to sell the rally. Already, we have seen this strategy prove to be profitable, with the AUD/USD finding resistance in the 0.9820 area, and dips to as low as 0.9621. Going forward, this will remain the strategy, with a 15-pip trailing stop from each entry point, and taking profits every 30-pips regardless.

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