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Long EURAUD, NZDUSD Long Stopped Out

Long EURAUD, NZDUSD Long Stopped Out

2012-03-29 18:30:00
David Rodriguez, Head of Product
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I still like being short US Dollar, but recent SSI readings suggest the next big Dollar moves may need to wait until April. I got stopped out of my NZDUSD long position as it took out week-to-date lows. I think the idea was right, but the timing was clearly off as the Dollar seems only willing to consolidate in a very wide range across the board.

I remain long EURAUD as a way to avoid the dollar and take advantage of what I view as a bullish Euro setup versus a bearish Aussie trend. I bought on a break of highs at A$1.2711, and feel good about the trade as it breaks above previous YTD peaks of A$1.2755.

I'll move my stop on the EURAUD long to just below congestion support at A$1.2800.

--- 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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