Forex Strategy 06.17.2013 - AUD/USD Bounce to Yield Short Setup

DailyFX

The Aussie Dollar 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. A shallow recovery appears to be underway from the 0.94 level and will treat it as an opportunity to sell AUDUSD in the 0.98-0.99 area in the days ahead.

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