Two banks have the Aussie in their sights

SocGen and Credit Agricole both have the knives out for AUDUSD

Both SocGen and Credit Agricole must be licking their chops after seeing a 160 pip pop in AUDUSD as they are both out to make a trade on shorting the pair

SocGen says they are looking to play a USD dip via the kangaroo currency and cite that a solid ISM non-manufacturing report tomorrow, plus strong NFP on Friday would put some pressure on the June FOMC to paint a bullseye squarely on September for lift off. They add that AUDUSD is best placed to benefit from USD strength and that any rises to, and a hold of 0.7800 would be choice for a short

Credit Agricole cite the RBA still have their finger on the rate cut trigger and that Chinese growth worries continue to bubble. They say rallies in AUDUSD and AUDNZD should be sold

It's hard to see how we'll get any higher (big move) in the Aussie unless the US data turns sour, and if it does then that's going to throw Socgen's trade out the window

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