AUD/USD: Favour playing from long side today
- The professional speculative market is quite short of AUD already as a proxy for the ‘China credit bubble’ trade;
- The daily chart is trying to form a springboard with rising daily lows (see chart);
- If this base holds again, we could easily see a bounce back up above .9050 as shorts get jittery;
- Keep stops below .8860 if tempted by this contrarian trade.