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Forex Strategy 03.27.2013: Stay Short EUR/SEK and GBP/USD, Long AUD/USD

Forex Strategy 03.27.2013: 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 recovery launched in early January faltered. Prices are now turning sharply lower anew after another corrective upswing and I continue to hold short.

I also continue to hold short GBPUSD at 1.5662. Prices are reversign downward as expected after a bounce and I have now added to the position.

Finally, I have continue to hold long AUDUSD. My second target at 1.0412 has been met and I'm now looking for a break of 1.0483 to expose the 1.0578-1.0624 area.

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

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