Flash: AUD/USD positioning for a fall - HSBC

FXstreet.com (Barcelona) - HSBC strategists believe that AUD/USD is positioning for a fall.

They begin by noting that the HSBC Positioning Indicators frequently agree with the speculative positions seen in the IMM data. However, for much of the last year they see that speculative positions in the IMM have shown a bias for fundamental traders to be long AUD/USD, regardless of the price action. They wrote, “This bias appears to be dissipating. If fundamental traders now move en-masse to join the already short momentum traders this will put further downward pressure on AUD/USD.”