Forex Strategy: Holding AUD/USD Long Position
The Australian Dollar’s corrective recovery looks likely to continue. Stabilization in Chinese economic news-flow has reflected positively in the RBA policy outlook, with priced-in expectations no longer calling for further easing over the coming 12 months. Meanwhile, the latest data from the CFTC shows net speculative short positioning started to unwind last week having hit a record high. I’ve entered long AUD/USD at 0.9190 and will continue to hold the trade, aiming for an initial target at 0.9640. A stop-loss has been set to trigger on a close below 0.8847.
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