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11 Sep 2013
Flash: AUD/USD vulnerable for a short squeeze – BTMU
FXstreet.com (London) - Lee Hardman, FX strategist at The Bank of Tokyo-Mitsubishi UFJ said the elevated level of short Australian dollar positions remains vulnerable to a short squeeze in the near-term.
Key Quotes:
“The elevated level of short Australian dollar positions remain vulnerable to a short squeeze in the near-term”.
“The next key resistance areas for AUD/USD come in at around 0.9350 and 0.9500”.
“However the improving China growth outlook is not really evident yet in higher prices of raw industrial commodity prices which are required to sustain a stronger Australian dollar”.
“The spot price of iron ore and coal still remain around 30% and 45% below their peaks from 2011”.
Key Quotes:
“The elevated level of short Australian dollar positions remain vulnerable to a short squeeze in the near-term”.
“The next key resistance areas for AUD/USD come in at around 0.9350 and 0.9500”.
“However the improving China growth outlook is not really evident yet in higher prices of raw industrial commodity prices which are required to sustain a stronger Australian dollar”.
“The spot price of iron ore and coal still remain around 30% and 45% below their peaks from 2011”.