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MUFG trade of the week: Stay short AUD/USD

Started by forex4you, Oct 16, 2022, 06:00 am

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MUFG trade of the week: Stay short AUD/USD

<p>Last week, we brought you a trade idea from MUFG and it was to <a href="" target="_blank">sell the Australian dollar</a>.</p><p>They recommend selling the pair at 0.6400 with a target of 0.6050 and a stop at 0.6650.</p><p>"We are maintaining our short AUD/USD trade idea. We continue to expect the USD to strengthen further in the near-term as global financial conditions continue to tighten. The much stronger than expected US CPI report for September has reinforced our view that it is premature to expect a dovish Fed pivot," MUFG notes.</p><p>"We expect the AUD/USD to fall back towards the 0.6000-level and closer to the COVID lows from March 2020," they write.</p><p>For bank trade ideas, <a href="" rel="nofollow" target="_blank" data-saferedirecturl="">check out eFX Plus</a>. For a limited time, get a 7 day free trial, basic for $79 per month and premium at $109 per month. <a href="" rel="nofollow" target="_blank" data-saferedirecturl="">Get it here</a>.


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Source: MUFG trade of the week: Stay short AUD/USD
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