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Taking profit on EURUSD long, Looking for AUDUSD short

Taking profit on EURUSD long, Looking for AUDUSD short

2012-10-12 14:00:00
David Rodriguez, Head of Product
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I took profits on my EURUSD long position as the pair hit my first target. I otherwise am looking for fresh opportunities to get short AUDUSD.

Three days ago I went long EURUSD from $1.2870 and targeted reaction highs of $1.2960. My limit order got taken out this morning, and I'm now flat with a modest profit.

I was otherwise short AUDUSD from several weeks ago, but the pair's rally above $1.0270 stopped me out of the position. I managed to book a respectable profit, but it's frustrating to see that the AUDUSD has subsequently turned lower.

I'll look to sell AUDUSD on either a rally towards $1.04 or a break below the $1.0150 mark. I don't like reward/risk at current price levels given the risk that the pair could hold above recent lows.

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.

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

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