I see no reason at the moment to move away from my bearish AUD stance and with big macro hedge funds seemingly also looking to sell, rallies should meet with plenty of supply. The recent pivot at 1.0325 would be an ideal entry level, as we’ve been unable to get back above there since the RBA rate cut. Perhaps it’s best not to be too greedy and look to sell at the 38.2% retracement (1.0475/1.0180) which is at 1.0295.
