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Forex Strategy: AUD/USD Bounce Sought for Selling Opportunity

Forex Strategy: AUD/USD Bounce Sought for Selling Opportunity

Ilya Spivak, Head Strategist, APAC

The Australian Dollar has taken a heavy beating over recent weeks. Record-high speculative net short positions in the FX futures space hint the short side may be overcrowded however, and an upward shift in the 2-year yield spread in favor of the Aussie following last week’s FOMC rate decision hints a catalyst for a correction driven by profit-taking may be emerging. Technical positioning is also hinting at a possible recovery. I will look to the bounce as an opportunity to sell AUDUSD at a more attractive level, with a loose objective to get short around the 0.96 figure.

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