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Forex Strategy 03.14.2013: Stay Short EUR/SEK and GBP/USD, Long AUD/USD

Forex Strategy 03.14.2013: Stay Short EUR/SEK and GBP/USD, Long AUD/USD

Ilya Spivak, Head Strategist, APAC

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 as prices test my initial target at 1.0365. A daily close above this boundary will prompt me to revise the stop-loss to the breakeven level and look for the next objective at 1.0412.

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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