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15 Jul 2013
Flash: Still Short AUD/USD, targeting 0.88 - NAB
FXstreet.com (Barcelona) - NAB FX Strategists continue short the AUD/USD from 0.9210, with a year-end target of 0.88.
As NAB reports: "The clear-out of short positioning saw the cross up recently up at 0.9306 and we have set our stop at 0.9350. However, with the fundamentals still in place for pressure to the downside, we are comfortable with the short."
Moreover, EUR/AUD also breaking to the upside through 1.44 is a factor helping the bearish view in the Australian Dollar, "though any move higher is likely to be a tactical, rather than strategic one if we’re right about political concerns in the Eurozone periphery" NAB added.
As NAB reports: "The clear-out of short positioning saw the cross up recently up at 0.9306 and we have set our stop at 0.9350. However, with the fundamentals still in place for pressure to the downside, we are comfortable with the short."
Moreover, EUR/AUD also breaking to the upside through 1.44 is a factor helping the bearish view in the Australian Dollar, "though any move higher is likely to be a tactical, rather than strategic one if we’re right about political concerns in the Eurozone periphery" NAB added.