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Tighten stop on AUDNZD, still waiting on EURUSD

Tighten stop on AUDNZD, still waiting on EURUSD

2011-03-29 16:00:00
David Rodriguez, Head of Product
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I'd like to tighten stops on my AUDNZD position (short from 1.3680). It originally stood above 1.3785, but I'll move it above 1.3720 as that spike-high looks like a reasonable level against which to be short. I see modest profits on the position, but I will resist closing any part of the position as I'm really targeting a break below congestion at 1.3560 and a move towards 1.3450.

I still like the idea of a EURUSD short, but I suspect we could establish a further high before a more pronounced decline. I'm biding time until we break to a fresh high or show a material break below important support at 1.4000.

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