SG: sell AUD/USD on highs
Currency strategists at Societe Generale remain bearish on the AUD/USD.
"Australia released solid employment data for April overnight. With China's trade data also beating expectations, with both exports ad imports a bit stronger than expected, the Australian dollar has rallied against both US and New Zealand dollars."
"With US rates at the very bottom of their post-July range, and with the Australian dollar at the upper end of the 2014 range, I am now trying to find the right time/level to go short. Chinese credit data overnight tonight are the next calendar item to watch and if they are ‘OK', that could get AUD/USD closer to 0.95 and we would then sell."
Chart. Daily AUD/USD