Australian dollar cuts bears in half

DXY has pulled out of its swoon for now on some new Fed hawkspeak:

AUD is putting in some pretty impressive bearish candles:

AUD bearish bets have halved:

CNY concrete boots:

If oil runs, the rally will reverse:

Dirt meh:

Miners look a good short to me:

EM dead:

Junk flamed out:

As yields reversed:

Stocks only go up:

Watch oil. It is the potential fly in the ointment for Fed cuts, falling yields, hysterical risk on, and a rising AUD.

Positioning in oil is soft, so there is some scope for it to run:

But I still expect lower prices in due course as wrecked fundamentals come to bear.

This means any AUD reversal is temporary.