Saxo Group Videos

#SaxoStrats: Why I'm shorting AUDUSD

Saxo's John Hardy says he's shorting the Aussie Dollar. AUDUSD has enjoyed a rally since the Reserve Bank of Australia decided to hold rates at their current level. But John says it was a tepid rally and seems to have petered out. He still expects the RBA to cut rates at a future date.

John says AUDUSD could be sticking around the 0.77 level for now but he thinks later this Friday it could close lower towards 0.7650 and even below. If it doesn't do that he says it might be worth picking up the trade on Monday.

For this trade, the entry is 0.7675, the target 0.7555 and 0.7510 with a stop above 0.7740. He says the time frame for the trade is Friday next week.

01:15 minutes
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