BK Big Trade AUD/USD New Orders

Place Order to Sell 1 Lot AUDUSD at 0.7780

Place Order to Sell 1 More at 0.7920

Stop at 0.8037

We like selling Australian dollars slightly above current levels because the Reserve Bank of Australia has made it clear that they are unhappy with an exchange rate above 75 cents. At the last rate decision, Stevens said additional easing is an option. The recent volatility in Chinese equities doesn’t bode well for Australia’s currency particularly since the government plans to diversity its iron ore purchases. In contrast the Federal Reserve’s plans to raise interest rates this year should make the U.S. dollar increasingly attractive.

Swing

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