Trade FOREX with FXCM

  • Award-Winning Platform
  • 24/7 Customer Support
  • Trade Directly on Charts
  • Free $50K Practice Account

Resources

DailyFX Home / Analyst Picks / Ilya Spivak

Forex Strategy 04.03.2013: Stay Short EUR/SEK and GBP/USD, Long AUD/USD

By , Currency Strategist
03 April 2013 11:01 GMT

I sold EURSEK at 8.7315 expecting Risksbank to shift to a neutral monetary policy stance in 2013. I added to the position at 8.6409 as a recovery launched in early January faltered. Prices are turning lower anew after another corrective upswing and I continue to hold short.

I also continue to hold short GBPUSD at 1.5662. I added to the position at 1.5155 amid signs of resuming bearish momentum. A break below 1.5112 exposes 1.5021, with a further push beneath that targeting 1.4873.

Finally, I am still holding long AUDUSD. Prices launched higher anew after retesting 1.0412 and I'm looking for a break above resistance at 1.0483 to expose the multi-month range top near the 1.06 figure.

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, please CLICK HERE

provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from

03 April 2013 11:01 GMT