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Short AUD/USD

Short AUD/USD

2011-10-04 15:15:00
Christopher Vecchio, CFA, Sr. Currency Strategist
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I maintain my bearish view on AUD/USD, which has been moving steadily lower the past two weeks. We've also seen a bit of an interesting pattern materialize as we hit psychological levels - mainly the rounded handles (0.9700, 0.9600, 0.9500, etc). Once the rounded handle breaks, sharp rallies up into the 0.0050/70 area have occurred, with the trend lower resuming steadily in the ensuing hours. As such, selling rallies and buying the initial dip remains the preferred strategy in the days ahead. This is confirmed by equity markets proceeding to closing their opening gaps and then moving lower thereafter. Watch the Dow Jones and S&P 500 for confirmation of buy/sell signals in AUD/USD.

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