(Bloomberg) -- AUD/USD's spike above the downtrend from March was looking like a false break before a China ratings cut to rub it in. It also coincides with overextended short-term momentum readings and an options skew that is close to neutral, suggesting that traders were not positioned for any near-term shock. For more market commentary, see the MLIV blog.
To contact the reporter on this story: Mark Cranfield in Singapore at mcranfield2@bloomberg.net.
To contact the editors responsible for this story: Jan Dahinten at jdahinten@bloomberg.net, Tan Hwee Ann
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