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  • Germany will not be able to stick to debts limits in constitution for years - Handelsblatt
  • The FTSE 100 has extended its pullback from trendline resistance (stemming from the 2009 low) with the index shedding 0.6% for the week. Get your #FTSE market update from @JMcQueenFX here:https://t.co/ZH3mu1MlEx https://t.co/NHPRYQIVDB
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  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.30% Germany 30: 0.29% France 40: 0.27% US 500: 0.17% Wall Street: -0.24% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/iV9dAbK0YI
  • $AUDJPY fell to an intraday low around 79.77, hitting its lowest level since early last week. The pair has since rebounded to trade back above 80.00. $AUD $JPY https://t.co/hkWWiqvQGd
Forex Strategy: Short EUR/GBP, Long AUD/USD

Forex Strategy: Short EUR/GBP, Long AUD/USD

Ilya Spivak, Head Strategist, APAC

I entered long AUDUSD as technical positioning suggested the markets were ready to begin moving toward realizing my fundamental outlook. The trade remains in play and I continue to target an initial objective at 0.9640. A stop-loss will be triggered on a close below 0.8847.

See the latest AUD/USD Technical Analysis update here.

Separately, I put on a short EURGBP position as a key trend line break appeared to mark resumption of the structural down trend in play since December 2008. That trade remains active as well, and I continue to target 0.8408 as the first objective. A stop-loss will be activated on a close above 0.8658.

See the latest EUR/GBP Technical Analysis update here.

Want to learn how to invest in big-picture macro FX market trends? Take a look at this video on currency baskets.

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

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