Forex Strategy 03.13.2013: Stay Short EUR/SEK and GBP/USD, Long AUD/USD
I sold EURSEK at 8.7315 expecting Risksbank to shift to a neutral monetary policy stance in 2013. I added to the position at 8.6409 as a corrective rebound launched in early January faltered. Positioning now warns of a bounce, which I will treat as an opportunity to add to the trade. Near-term resistance is at 8.3641.
I also continue to hold short GBPUSD at 1.5662. My latest revised objective at 1.4963 has been overcome and I will now look for a push below 1.4861 to expose 1.4775.
Finally, I have added a long AUD/USD position at 1.0238 and continue to hold the trade, initially aiming for 1.0365. A stop-loss will be activated on a daily close below 1.0114, the March 4 low.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.