BNP Paribas Research warns AUD bulls from being disappointed into the RBA July meeting noticing that that the market is likely anticipating a hawkish shift from the RBA, in line with other G10 central banks.
In particular, BNPP expects AUD/USD to be vulnerable to a less hawkish RBA message.
“AUDUSD has rallied to 0.77, approaching 2017 highs. However, we do not expect gains to extend much further and view current levels as attractive to build shorts.
BNP Paribas FX Positioning Analysis signals AUD short positions (which were quite large in early May) have been fully unwound,” BNPP argues.
Source: BNP Paribas Research
The article is published by one of the foremost sources of Forex trading information. Link to the original article above.
from Online Forex Trading Resource
View thesource article here