Long AUD, EUR, GBP, short USD
I remain long EURAUD from 1.2535 and have just narrowly missed getting stopped out. I have today added AUDUSD and GBPUSD longs to the mix as per the DailyFX PLUS Trading Signals "Trend Follower" and "Tidal Shift" strategies. I like what the S&P 500 is doing here and have flipped my bearish 'risk' bias. That leaves my EURAUD position as sort of an outlier, but my AUDUSD long gives me net-AUD long exposure and I'm looking for further strength.
Standing pat on the USDJPY for now. Recent Commitment of Traders data warns that the sophisticated Non-commercial trader market (large speculators) is piling into USDJPY longs in a hurry. It could get tricky for bulls from here on in.
--- Written by David Rodríguez, Quantitative Strategist for DailyFX.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.