Look Out Down Under

AP

The Australian dollar has had quite a run. Is it over?

These markets are not kind to much of anything, and with commodity prices slipping, they may be claiming a new victim.

Todd Gordon, co-head of research and trading at Aspen Trading Group, has been looking at the Australian dollar and he doesn't really like what he sees.

Gordon has been following the disturbing news from the euro zone, but he told CNBC's Squawk on the Street team that "the Aussie is actually outpacing the euro to the downside."

The problem for the Australian dollar is the prospect of a global economic slowdown, the resulting pressure on the commodity export sector, and the prospect of lower interest rates, Gordon says. So he wants to trade against the euro fear.

"A pretty good little trade that you could put on would be long euro against the Australian dollar," he says, estimating that the pair could move to 1.3750.

Gordon also predicted that the U.S. dollar could actually be stronger by the end of the year and that the Swiss National Bank "will get their faces ripped off" if they continue trying to stem the Swiss franc's rise.

You can watch the discussion in the video clip, starting at 5:48.

Tune In: CNBC's "Money in Motion Currency Trading" airs on Fridays at 5:30pm.

"Money in Motion Currency Trading" repeats on Saturdays at 7pm.