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Forex Trade Ideas: Selling Australian Dollar, buying USDJPY

Forex Trade Ideas: Selling Australian Dollar, buying USDJPY

David Rodriguez, Head of Product

I like trading the breakdown in the Australian Dollar as I see that forex volatility has jumped, favoring continuation in key pairs.

A daily close below a key long-term AUDUSD trendline at $1.0400 would be the signal I need to get short, and such a breakdown would be valid in my opinion as long as price remained below recent congestion support at $1.0500.

I'm likewise once again long USDJPY with a stop below 90.24 and short-term profit targets of 91.59.

View my weekly forex strategy outlook webinar for a more in-depth breakdown of both trade ideas.

As always I'll update my thoughts on the position via the Real Time News feed.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up to David’s e-mail distribution list via this link.

Contact David via Twitter at http://www.twitter.com/DRodriguezFX

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http://www.dailyfx.com/forex/technical/article/special_report/2013/01/25/forex_trading_japanese_yen_breaks_91.html

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

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