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Does last week surge mean a potential upside reversal of AUD.What are the drivers of the big 2013 drop in the AUD against all but JPY?Mainly Australian monetary policy and the price levels of commodities.Last august the leading interest rate had been cut to a record low of 2.50%.Further cuts could be possible during first semester of 2014.It seems admitted by monetary authorities that Australian exporters need a weeker Aussie.This is quite bearish but it is not sure it will be enough to sustain a further move inthe AUD down reversal start in Marche 2013 against almost all the crosses.The australian economy is heavily dependent on strong raw materials prices.Commodities trading lower have it Australia pretty hard and should metals pricesgo further down, selling pressure on AUD could accelerate.The current surge in AUD could as a matter of fact be a really good short oportunity.
