News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Staying Short AUDUSD, Looking to buy GBPJPY

Staying Short AUDUSD, Looking to buy GBPJPY

David Rodriguez, Head of Product

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;

Contact David via

Twitter at http://www.twitter.com/DRodriguezFX

Facebook at http://www.Facebook.com/DRodriguezFX

Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.

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

DISCLOSURES