Forex Strategy: Short EUR/GBP, Long AUD/USD Trades Active
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.
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.
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.