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Forex Strategy 04.02.2013: Stay Short EUR/SEK and GBP/USD, Long AUD/USD

Forex Strategy 04.02.2013: 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 turning lower anew after another corrective upswing and I continue to hold short.

I also continue to hold short GBPUSD at 1.5662. I added to the position last week amid signs of resuming bearish momentum. While follow-through has yet to materialize positioning continues to favor the downside and I will continue to hold short for now.

Finally, I am still holding 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 1.06 figure. Alternatively, a close below 1.0412 will prompt booking profits on the trade.

--- 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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