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Forex Strategy 07.09.2013: Looking for AUD/USD Short Trade Setup

Forex Strategy 07.09.2013: Looking for AUD/USD Short Trade Setup

2013-07-09 12:30:00
Ilya Spivak, Head Strategist, APAC
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The Australian Dollar has taken a heavy beating over recent weeks. Speculative net-short positions have stopped growing last week having hit a record high however, suggesting the trade may have become crowd and thereby vulnerable to upside surprises. Further, priced-in RBA rate cut expectations have been unwound, with traders no longer baking in a further 25bps reduction over the next 12 months. I will look for a corrective bounce to offer a selling opportunity in the days and weeks ahead.

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