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Flat -- for now

Flat -- for now

2012-03-15 20:30:00
David Rodriguez, Head of Product
Share:

I remain long EURAUD from 1.2535 from three days ago, and right now the position is sucking wind.

I feel less confident in this trade as the S&P 500 takes out fresh highs. It's entirely possible that my change in stance towards selling AUD was premature as stocks are proving resilient. That said, we'll know relatively soon if the EURAUD is in fact headed for fresh lows. 1.2398 remains the line in the sand for me.

In the meantime, I'm looking for fresh US Dollar highs against the Euro and Japanese Yen. I'm looking to buy USD dips and will update any trade opportunities here and on the real time news feed.

--- 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".

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