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

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

Ilya Spivak, Head Strategist, APAC

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.

See the latest GBP/USD Technical Analysis update here.

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.

See the latest AUD/USD 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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