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Flat EURUSD, Looking to buy AUDUSD

Flat EURUSD, Looking to buy AUDUSD

David Rodriguez, Head of Product

I closed my EURUSD position on Friday's session as I didn't want to hold it over the weekend. That left me flat in to Sunday, but I didn't like the fact that the EURUSD was hitting fresh lows after it opened. As such, I've stood to the side.

The AUDUSD on the other hand trades well-above where it started the session. As per the DailyFX PLUS Trading Signals, I like being long AUDUSD. The question is where exactly. As per the "Tidal Shift" trading system, a good entry might be at current market price. But risk/reward isn't there for me. Wait and see time.

--- Written by David Rodríguez, Quantitative Strategist for DailyFX.com

To receive this author's reports via e-mail, contact drodriguez@dailyfx.com with subject line "Distribution List".

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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