Barx… Trades for the week ahead: Sell commodity currencies against the USD – FXWW Chatroom

We are bearish for commodity currencies such as AUD, NZD and CAD and would use short-term pullbacks as an opportunity to sell at better levels against the USD.  Our greater bearish view for AUDUSD was encouraged by last week’s move to new lows for 2015. We look for a move below 0.7370 to signal lower, toward our downside targets in the 0.7100 area. We also expect NZDUSD to extend losses toward our next targets near the 0.6560 multi-month range lows and then the 0.6400 area. For USDCAD, we are looking for a break above our initial upside targets near the 1.2835 year-to-date highs to confirm upside traction towards our next targets near 1.3065.

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