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Forex Strategy 06.13.2013 - AUD/USD Bounce to Yield Short Setup

Forex Strategy 06.13.2013 - AUD/USD Bounce to Yield Short Setup

Ilya Spivak, Head Strategist, APAC

The Australian Dollar has taken a heavy beating over recent weeks, with AUDUSD hitting a 20-month low to start this week. While worrisome data from China – Australia’s top trading partner – argues for continued weakness on the back of RBA rate cut expectations, the move lower seems vulnerable to correction. I will look for confirmation of a bottom being carved out near the 0.94 figure and allow prices to retrace higher, loosely aiming to get short in the 0.98-0.99 area (pending the formation of an actionable technical reversal signal).

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