FX:AUDUSD Australian Dollar/U.S. Dollar
Last June we were in a trending market, but this year is a rotational market. Buyers came in the AU last sept to remove some of the selling pressure, then those buyers got stopped out early this year plus some weak traders shorted on the break. Large institutions would have loaded up massive size at the bottom. That is why I'm more long biased for now. I wouldn't be short AU longer term unless i see a large build up of shorts, then watch them get stopped out on a trap move.