Forex Strategy: AUD/USD Long, GBP/USD Short in Play
I put on a short GBPUSD position as prices broke trend line support set from late August. The trade has now met its initial target and I have revised my objective to aim for a close below 1.5918. The stop-loss has been trailed to 1.6172, the breakeven level.
Separately, 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.
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.