Forex Strategy 03.20.2013: 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. Prices are bouncing again and I will use this move to add to the short further. Initial resistance is at 8.3641.
I also continue to hold short GBPUSD at 1.5662. Prices have launched a recovery that I will look toward as an opportunity to add to the trade on signs of ebbing bullish momentum below the 1.53 figure.
Finally, I have continue to hold long AUDUSD. My initial target at 1.0365 has been met and I'm now looking for a break above 1.0412 to expose 1.0483.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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