Let’s Short the AUD: Here's Why! - Forex News by FX Leaders

Let’s Short the AUD: Here’s Why!

Posted Tuesday, October 10, 2017 by
Rowan Crosby • 1 min read

As I mentioned earlier in the session, the Aussie is setting up to be a nice selling proposition. I’ve also previously said that we will likely break through the current support level shortly and as it stands the pullback here presents a great opportunity to short.

FOMC minutes are due out late today and will likely be the key driver. However, things have gone a little quiet in the leadup. That said for those who are willing to take on the longer-term move and ride any volatility, then I feel 0.7800 looks a good level to short.

 

On the 240-min chart we have:

  • The 50-period SMA

  • Resistance at 0.7800

  • Higher time frame momentum to the downside

  • Fundamentals pointing to a sell

 

AUD

AUD/USD – 240 min Chart.

 

The FX Leaders team also have a current sell signal out on the AUD so it’s fair to say the consensus is bearish at the moment.

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About the author

Rowan Crosby // Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.
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