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Faraday: Weak commodity prices hurting the Aussie dollar

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January 18, 2016 analysis, analyst, aussie, bank, banking, capital, commodities, commodity, currencies, currency, dollar, faraday, forex, fx, idea, light, market, markets, pressure, price, prices, research, saxo, saxobank, saxobank.com, saxotrader, saxotradergo, saxotv, sell, selling, short, shorting, thomas, trade, trader, traders, trades, trading, tradingfloor, tradingfloor.com, tradingfloorcom, us, view
Low commodity prices has seen the Australian dollar trading at fresh five-year lows against the US dollar, says Faraday’s Thomas Light. With plenty of scope for further selling pressure, he is looking to short AUDUSD.

With the Aussie retracing higher overnight during the Asian session, this has created an attractive entry level to sell, according to Light. He will place a sell order at market with a stop above the broken support line at 0.7005 and a limit order to take profits at 0.6650.