See the latest Australian dollar analysis here:
Watch out for a short squeeze. Via Goldman:
Over the week ending June 1, non-commercial traders net sold $0.9bn USD, after net sales of $1.4bn USD in the week prior. Both asset managers and leveraged funds appear to have contributed to the net Dollar sales. Traders net sold Dollars against net purchases of EUR, JPY, CAD, CHF, and MXN. They also net sold GBP, NZD, and AUD. Asset managers continued to net sell Dollars over the week, against net purchases of EUR, GBP, CAD, NZD, and CHF. They were also net sellers of JPY and AUD. Leveraged funds also continued to net sell Dollars, against net purchases of EUR, JPY, AUD, CHF, and RUB. They also net purchased GBP and NZD.
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Leveraged funds are usually the key so there is room here for markets to get more short before the inevitable squeeze. Or not!