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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Taking profit on EURUSD long, Looking for AUDUSD short

Taking profit on EURUSD long, Looking for AUDUSD short

David Rodriguez, Head of Product

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

To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up to his e-mail Distribution list via this link.

Contact David via

Twitter at

Facebook at

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.