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Forex Strategy 06.19.2013 - AUD/USD Bounce to Yield Short Setup

Forex Strategy 06.19.2013 - AUD/USD Bounce to Yield Short Setup

Ilya Spivak, Head Strategist, APAC

AUDUSD has taken a heavy beating over recent weeks amid building RBA interest rate cut expectations as worrisome economic data from China casts doubt on the outlook for demand from Australia’s largest trading partner. Record-high speculative net short positions in the FX futures space hint the short side may be overcrowded, with prices vulnerable to a corrective upswing. I will look for a selling opportunity in the 0.98-0.99 area in the days ahead.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.