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Staying Short AUDUSD, Looking to buy GBPJPY

Staying Short AUDUSD, Looking to buy GBPJPY

2012-10-08 16:20:00
David Rodriguez, Head of Product
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I remain short the Australian Dollar against the US Dollar and will trail my stop lower. At the same time, I like looking at a GBPJPY-long position.

I first went short AUDUSD from two weeks ago from the $1.0430 mark and have kept my stop unchanged. I remain overall bearish, but I recognize that the pair could see an important short-term correction. I'll trail my stop to just above the $1.0270 mark; if we break higher I'll look for a better short entry higher.

I remain long USDJPY though I can't say I fully recommend joining me here: the pair seems incapable of holding gains. That said, USDJPY position remains in force as long as the pair trades above ¥76. Profit targets start at ¥80 on the USDJPY.

I'm most interested in a fresh GBPJPY-long position at these price levels. I go over the reasoning in my forex strategy outlook webinar as well as article.

I like buying against swing-lows of ¥125.15 and setting initial profit targets at most recent highs of ¥125.65. That implies the position remains valid at ¥125.40 or better.

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

To receive the Speculative Sentiment Index and other reports from this author via e-mail, send a message with subject line “Distribution List” to drodriguez@dailyfx.com;

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