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Forex Strategy 04.03.2013: Stay Short EUR/SEK and GBP/USD, Long AUD/USD

Forex Strategy 04.03.2013: 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 at 1.5155 amid signs of resuming bearish momentum. A break below 1.5112 exposes 1.5021, with a further push beneath that targeting 1.4873.

Finally, I am still holding long AUDUSD. Prices launched higher anew after retesting 1.0412 and I'm looking for a break above resistance at 1.0483 to expose the multi-month range top near the 1.06 figure.

--- 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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